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- Pair is currently trading at 3.7586 levels.
- It made intraday high at 3.7589 and low at 3.7390 levels.
- Pair recovered from its 5- month low at 3.6570 levels.
- Intraday bias remains neutral for the moment.
- 20D, 30D and 55D EMA signals bearish trend while RSI suggests short term bullish bias.
- A daily close above 3.80 is required to confirm the bullish trend.
- Alternatively, pair likely to consolidate below key resistance levels.
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.
