I wrote in my previous forecast last Wednesday that we were probably due for a period of consolidation below $1.2000.
bullish bounce at $1.1822 but the price never quite made it to that level, with the low of the day a few pips higher.
The consolidation has not only continued but has flattened out even further. The price is currently right in the middle of its recent zone of comfort and has both support and resistance very closed by and evenly spaced. There are no real signs of short-term direction at all, so I see trading this currency pair right now as just a gamble which should probably be avoided until we get some more definite directional movement.
There are no key data releases scheduled today for either of these two currencies, so there is no reason to expect that the market will necessarily liven up today. In the unlikely event that the price reaches either $1.2003 or $1.1721, there could be opportunities for reversal swing trades at these levels.Ready to trade our
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