Technical Outlook and Chart Setups:
The single currency gave in yesterday after multiple attempts to clear the hurdle of 1.5250. We had recommended entering fresh buying between 1.51-1.5150 levels. But it is suggested to refrain from buying at the moment. Short-term momentum seems to be changing and we would recommend selling intraday rallies towards 1.52-1.5150 to be sold with an expected target of 1.4900 levels; for aggressive traders. Intermediary resistance has held at 1.5250 level. Going down, trendline support is coming at 1.4900.
Trade Recommendations:
Flat for now. In the short term, aggressive traders may choose to go short with a strict stop at 1.5250 and target 1.4900.
Good Luck!
