The pair has paid some good pips thus far and now at a support level around 1.6780 where it is consolidating on the Daily chart. I will only look to sell again on a break of this support or higher up at resistance. A daily close above the resistance zone would negate my bearishness for now. Just remember that breaks of consolidation on Larger time frames eg. Daily often result in false breakouts or very aggressive moves. I will watch for strength/weakness on these currencies on larger time frames before taking another trade on the pair. Personally, I’m not keen to trade consolidations and rather wait for confirmed breakouts.


Source: MARYNA

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