Technical outlook and chart setups:
The single currency pair has finally broken above the consolidation cone depicted here. Furthermore, the price resistance at 1.4530 is also cleared, indicating further bullishness in store. This daily chart view is depicting a wave structure which still remains bearish with major resistance at 1.5 level. The current rally from 1.4 level could still be a retracement/pullback of the larger downswing (1.5-1.4). 1.4600-1.4700 levels would be of interest to us now, for initiating short positions. This region is also re-enforced by past support turned resistance zone, the Fibonacci 0.618 resistance and extension of the recent upswing that begun from 1.4 level. Keeping all this in view, it is recommended to initiate short positions around 1.46/1.47 levels.
Trading recommendations:
Flat for now. Looking to sell higher.
Good luck!
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