May 18, 2018 10:30 AM
From past couple of days we can observe that tug of war going on between bulls and bears. Well from technical point of view it has breached the 0.7500 level which is psychological level but it could not sustain below that level. A daily closing below that level will confirm the valid breakout. The way pair is trading it is advised to sit aside for the time being as long as we see valid breakout on either side.
Intraday bias remains neutral for the pair but overall trend is bearish as a downtrend line is existing on the daily chart and a downfall below 0.7450 level will confirm the further bearish sentiments. The bears will attack again below 0.7450 level as they will be more comfortable below that level. Little bullish session was pulled by positive Australian employment data.
The upward move seems limited as long as pair is trading below 0.7560 level which is a key resistance level followed by 0.7640 level. Both bulls and bears are struggling with their self and trying to get edge due to that we may few choppy sessions but a valid breakout on either side will open the way for traders and investors.