Back after about a week or so.. I am fresh and hopefully stronger and better than before. Now, lets get down to the analysis. This pair still seems to be stuck in a range for the past so many weeks. Though it has had its share of ups and downs and wild swings, you can see that all of this has been within a range and this range has been much smaller when compares to the swings that the other pairs have had.
To me, this ranging has shown the strength of this pair more than anything else. You can see that this pair has not broken down below 1.38 during all these time. Of course, it has not exceeded 1.42 as well but the fact that this pair did not fall when all other pairs did, shows the strength of this pair.
As for today, i expect the ranging to continue as so far, there has not been any trigger for it to break the range. On the upside, the resistances are at 1.3980, 1.4008 and then at 1.4050. On the downside, the supports are at 1.3950, 1.3920 and then at 1.3850. I expect the price to range between these S and R for the whole of today unless there is a major breakout. In such a case, we simply take a trade in that direction.
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