Technical Outlook and Chart Setups:
The single currency pair has got past 1.48 levels as it was discussed earlier this week. Still the upward momentum remains and soon 1.49 levels should be reached. It is recommended to hold long positions taken earlier for now and look to book profits at 1.49. The overall structure remains bearish and the pair is nearing the end of its multi month counter trend, which began from 1.4 levels. Immediate support is just below 1.47 followed by 1.4550, 1.44 and lower; while resistance is fixed at 1.5 levels. We shall again review situation at 1.49 levels before turning short.
Trade Recommendations:
Remain long, stop at 1.47, target 1.49.
Good Luck !
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