Pair is currently trading around 1.3632 marks. It made intraday high at 1.3671and low at 1.3613 levels. Intraday bias remains bearish for the moment. Pair breaks initial support level at 1.3720 and dragged the parity dow…
It made intraday high at 1.3671and low at 1.3613 levels.
Intraday bias remains bearish for the moment.
Pair breaks initial support level at 1.3720 and dragged the parity down towards 7- month low at 1.3611 marks (July 2015 low).
A break below 1.3611 will tests the next support at 1.3486 marks.
Alternatively, reversal from key support will drag the parity up towards 1.3723 marks.
On the other side, a sustained break above 1.3817 is required to confirm some more upside movement and 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.
