Technical Outlook and Chart Setups:
As depicted above, prices are bouncing off a little from 1.49 and the line of support. The daily chart presented above indicates that an Engulfing Bullish pattern is being carved out (under process). Furthermore, we are still within the 0.618 and 0.786 Fibonacci support levels of the upswing boundary, 1.4700 to 1.5400. Considering these facts, recommendations are for building long positions. Immediate support shall be provided by 1.4850 levels. Resistace on the daily chart is still placed at 1.5250 level. If a rally materializes here, 1.5250 level should be taken out by bulls. More conservative traders may opt to tale buy positions tomorrow after a confirmation on the trade signal (engulfing bullish).
Trade Recommendations:
Buy now, stop at 1.4850, target open for now.
Good Luck!
