Technical Outlook and Chart Setups:
Structure remains unchanged from last week. As depicted above, the trendline support is right at 1.4900 level at the moment. Moreover, Fibonacci downside extensions also point towards 1.49 level. It is expected that support should be strong if 1.49 is reached due to above mentioned factors. In the event of 1.49 break, bears would be targeting 1.47 level before pulling back. 1.5250 level remains resistance. If it is reached, it proves to be a bullish reversal. Bearish at the moment.
Trade Recommendations:
Stay short from last week, stop at 1.5250, and target 1.49 (minimum) and 1.47.
Good Luck!
