Technical outlook and chart setups:

A daily chart view has been presented here for a larger wave structure preview. Please note the following facts as depicted here:

1. The major support trend line from 1.3800 level was breached earlier in 2012.

2. Prices formed a sequence of lower lows and lower highs around 1.4000 level. Support at 1.42 was broken in this process.

3. Immediate resistance remains at 1.4530/40 levels for now. A break above would open doors for a larger rally/pullback towards the 1.47/1.48 region.

4. The overall wave structure maybe possibly unfolding a larger Head and Shoulder reversal, and the right shoulder remains around 1.47/1.48 levels as depicted here.

5. Keeping the above facts in mind, it is recommended to remain short for now. In case 1.4530 is exceeded, we would look for pullback opportunities to go long.

Trading recommendations:

Remain short for now, stop is above 1.4550, target is below 1.4. If stop is triggered, we shall be looking to go long on dips.

Good Luck!