Break out below 1.4949 and the neckline of has more downside potential, currently at 1.4701 level, even if rises from here we could foresee minor resistance at 1.4738 levels,
We see all chances of retesting 3 months lows if it doesn't hold current levels.
In addition to that, at peaks of 1.5127 occurred to substantiate this stance.
Rising volumes are inn conformity to the dipping prices since then.
However, from mid last week the selling momentum is reduced as the pair holding stronger supports at 1.4555 levels, anytime prices dips may resume as the major seems stronger from last 3 months.
Both leading and lagging indicators are still favouring environment.
Only intraday sentiments have been bias but 21DMA continued crossed over 7DMA at this juncture (which is sell signal) keeps us in medium trend as well.
and on daily terms signals nothing but indecision.
Taking the above technical reasoning into consideration, on speculative terms staying short in near month on every rally for targets of 1.4555 with strict stop loss at 1.4738 (additional tolerance of 10-15 pips) makes very attractive risk reward ratio.