Technical Outlook and Chart Setups:

Yesterday was a bullish day for the single currency pair, racing through measured resistance R1, as it is depicted above. Looking into the developments that were seen for the last 24 hours, we are coming to the following conclusions.
1. 1.4700 Support remains intact, and the single currency pair races past first measured resistance at 1.5050 level.
2. Hourly Chart suggests that this rally in 5 waves is impulse. Move probable move should be a retracement towards 1.4920/50 levels.
3. One can expect higher levels above R2 i.e. 1.5250 and above; one retracement is done.
4. Intermediary support now is around 1.4800/20 levels.

Trading Recommendations:

1. Stop placed at 1.5100 is still intact, look for a pullback around 1.4950.
2. Exit short positions around 1.4950, switch to longs placing stop below 1.4800, and target 1.4250 plus. 

Good Luck!