- 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 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.
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