Technical outlook and chart setups:
The 4H wave structure remains unchanged at the moment. A counter rally did not materialized yesterday as expected, and the prices continued decline from the 1.4800 level. Potential resistance for intraday rallies remains at 1.4900 region. The 1.5050/60 resistance is trend defining, followed by 1.5150, while support is at 1.4680/1.4700, followed by 1.46, and 1.45 respectively. If short positions were initiated yesterday, it is recommended to hold them further; while fresh shorts should be taken on a breakdown of 1.4700 or an intraday rally. Bearish below 1.5050.
Trading recommendations:
1. Remain short, if positions were taken yesterday, stop is at 1.5060, and target is open.
2. Fresh shorts can be built on intraday rallies towards 1.4900 or a breakdown of 1.47, stop is at 1.5060, and target is open.
Good Luck!