FxWirePro: Brazilian Real recovers from 5- month high against US dollar, intraday bias remains neutral

• Pair is currently trading at 3.7586 levels.
   
• It made intraday high at 3.7589 and low at 3.7390 levels.
   
• Pair recovered from its 5- month low at 3.6570 levels.
   
• Intraday bias remains neutral for the moment.
   
• 20D, 30D and 55D EMA signals bearish trend while RSI suggests short term bullish bias.
   
• A daily close above 3.80 is required to confirm the bullish trend.
   
• Alternatively, pair likely to consolidate below key resistance levels.

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.