- Pair is currently trading around 4.1242.
- It made intraday high at 4.1248 and low at 4.1010 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 4.1256.
- A sustained break above key resistance will drag the parity towards 4.1501/4.1786 marks.
- Alternatively, reversal from key resistance will take the parity back around 4.07 and 4.0086 (August 2016 low) levels 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.
The material has been provided by InstaForex Company – www.instaforex.com