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Pair is currently trading at $1.1143 marks. It made intraday high at $1.1149 and low at 1.1128 levels.
- Since the beginning of the year, Pair was trading in between $1.1050 - $1.0710 marks.
- After the negative US NFP job results, pair breaks the major resistance levels and made high of $1.1244 levels.
- A temporary top was formed and initial bias is neutral today.
- On the downside, below 1.0710 will bring retest of 1.0517 low.
- Alternatively, a break of $1.1244 levels will target the $1.1351 and $1.1472 levels thereafter.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
