Outlined from an hourly perspective, the [pair] is being carried into new low ground but reflecting an extremely low volatility.
Usually associated with the formation of narrow consolidation ranges, there is a chance for volatility to expand again and for price to break out and start a new upward trajectory. Conversely, an extra selloff is also likely should the immediate range support fail.
Traders are advised to maintain a degree of neutrality until a strong break in either direction ensues.
(Market News Provided by FXstreet)