Key Technical levels
A short-term rising trend line has provided a solid target for scalpers to enter and exit positions over the past three days. Additionally the 50-Day SMA at 90.52 has served as resistance and is limiting upside potential. The 20 and 100-Day SMA at 90.07 and 90.15 respectively are providing levels of support and additional target levels. We also see a medium term trend line that is reinforcing support and limiting downside risks.
’s ATR of 93 pips and the fact that it only accounts for 1.03% of the spot price makes it an attractive pair for scalpers to target. A widening Bollinger band width is a concern as the pair has been prone to one-way price action which increases the difficulty of executing a high frequency strategy.
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