Technical Outlook and Chart Setups:
The single currency is showing more clarity today. The view presented here is that of Daily Chart, but looking into 1H/4H Chart scenarios (not presented here), a base is likely to have formed at yesterdays' lows near 1.51. Interim support remains at 1.5 region, and a rally is expected from here which would clear past resistance of 1.5250. It is humbly recommended to cover short positions, if they were taken yesterday. Intraday dips towards 1.51-1.5120 levels are good entry points to buy. Structurally we are considering the recent upswing between 1.5 and 1.5250; which has been retraced till 1.51 levels. Bullish for now.
Trade Recommendations:
Buy around 1.51-1.5120 region, stop at 1.49, target open.
Good Luck!
