Key Technical Levels
Support at 1.4866-61.8% Fibo of 1.3514- 1.7046 has withstood several tests increasing its significance as a technical barrier. Staunch support will limit downside risks for the pair as it continues to trend sideways. The current bearish move has seen a solid resistance trend line develop which provides an ideal target level for high frequency traders.
has seen its Bollinger band width narrow as the pair has begun to settle into an extended range. However, at 489 pips it is near the top of the most traded pairs which enough variation to give scalpers concerns. Additionally, an ATR of 168 pips is a less than desirable amount of intra-day volatility and another red flag for high frequency traders. A one-week implied volatility of 12.80 could be a signal that a breakout is nearing.
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