Technical outlook and chart setups:
The single currency may be preparing for a counter-trend rally towards 1.4380-1.44 levels for now. Therefore, it is recommended to exit short positions taken earlier, at the moment. As depicted here, the fall from 1.4480 level needs to be re-traced, before the next down leg resumes. The resistance comes at around 1.4380, which is also re-enforced by past support turned resistance and also the 0.618 Fibonacci resistance level. Looking into the entire wave structure again, 1.4530 level remains bottom line resistance for now and the trend should be lower till it remains intact. Intermediary supports are at 1.42 level, followed by 1.4030, and 1.4 respectively. Aggressive traders may look to entire buying at current prices (1.4260) for taking advantage of 120 pips.
Trading recommendations:
1. Cover short positions taken earlier.
2. Aggressive trading strategy would be to go long now at 1.4260 level, stop is below 1.42, and target is at 1.4370/80.
Good luck!