Technical Outlook and Chart Setups:
Further to what was discussed yesterday, a possibility of prices falling back towards the trend line support and 1.4900 levels is shaping up. As clearly depicted above, strong resistance is now at 1.5250 and further lined up at 1.5300 and further up (R1, R2.... ). Major support is at the last swing bottom at 1.4700 level. A trend line break would push prices further low aiming at 1.4700 level.
Trade Recommendations:
Go short/remain Short. Stop above 1.5100. Target minimum 1.4900. Move stop loss to break even once prices fall below 1.4950.
Good Luck!
