Intraday trend – Neutral
Significant intraday resistance – 0.9300
The pair is trading flat between 0.91563 and 0.92944 for the past three weeks. The board-based weakness in US dollar on upbeat market sentiment and decline in US treasury yields. US GDP came at an annual pace of 2.3% compared to a forecast of 2.1%. The Consumer confidence rose in Dec to 115.8 in Dec vs estimate 111. Markets eye US durable goods and US PCE for further direction. It hits an intraday low of 0.91879 and is currently trading around 0.92093.
Bullish scenario-
The primary levels to Watch – 0.9240. Any convincing surge above confirms intraday bullishness. A jump to 0.9270/0.9300/0.9330/0.9380 is possible.
Bearish scenario-
Intraday support – 0.9170. Break below that level will take the pair to the Nov month low 0.91574. Significant trend reversal only if it breaches 0.9150. Minor support is 0.9230.
Indicators (4-Hour chart)
Directional movement index – Neutral
CCI (50) - Bullish
It is good to stay away till further direction.
