Technical Outlook and Chart Setups:

As it was discussed during the past few sessions, the single currency followed through the much anticipated 1.49 level yesterday. This region is also reinforced by the rising trendline and 0.786 Fibonacci support of the recent upswing. Consequently, a reaction is expected around 1.4900 region. But shorter timeframes are showing signs of a break down and 1.4900/10 region proves to be a short-term resistance at the moment. It is humbly recommended to take profits of the short positions taken earlier, at least for now and wait for either a breakdown or a bullish reversal. Now 1.4700 is support; the bulls would aim to take it off in no time if the trendline breaks.

Trading Recommendations:

1. Conservative Approach: Take profits off the short positions taken earlier. Wait for a clear breakdown or a bullish reversal.

2. Aggressive Approach: Take 50% profits of the short positions. Move stop loss to the break-even points on the remaining positions. Build short positions on a break down further targeting 1.47 level.

Good Luck!