Technical Outlook and Chart Setups:
Prices took off the 1.5000 lows/stops on Friday and are pulling back now. As seen above, a trading range is being established at the moment. Type of range is sideways, support is1.5000 while resistance is at 1.5250. A break on either side is now required to confirm the next swing. It is recommended to trade according to sideways support and resistance at the moment, the Fibonacci levels are not being applicable between 1.5 and 1.5250. Watch out for bullish signals on smaller timeframes (15min-1hr) around the support region to buy and bearish signals towards 1.5250 to enter short positions. The trend line support should be strong at 1.4900 levels while resistance is placed at 1.53.
Trade Recommendations:
Buy the support around 1.5, sell resistance around 1.5250. Flip trade directions on a clear breakout.
Good Luck!