Pair is currently trading around 1.3500 marks. It made intraday high at 1.3537and low at 1.3484 levels. Intraday bias remains neutral for the moment. Pair breaks major support level at 1.3611 and dragged the parity down …
It made intraday high at 1.3537and low at 1.3484 levels.
Intraday bias remains neutral for the moment.
Pair breaks major support level at 1.3611 and dragged the parity down at 7- month low at 1.3484 marks (July 2015 low).
A sustained break below 1.3484 will tests the next support at 1.3348 marks.
Alternatively, reversal from key support will drag the parity up towards 1.3611/1.3723 marks.
On the other side, a sustained break above 1.3817 is required to confirm the bullish bias and likely to drag the parity towards initial resistances at 1.3842/1.3895/1.3964 marks 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.
