Technical outlook and chart setups:
As depicted here on the 4H chart view, the single currency pair has been consolidating in a cone fashion since last 2-3 trading sessions. Immediate resistance is at 1.4260, followed by 1.4350 and 1.45; while support is just below 1.40 level respectively. It is recommended to hold short positions taken earlier but one should restrict from taking aggressive directional positions at current levels. Instead plan to trade on a breakout on either side. Cautiously bearish at the moment.
Trading recommendations:
1. Hold short positions taken earlier, stop is at 1.4300, and target below 1.38.
2. Trade on a breakout on either side.
Good Luck!
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