The pair continues to trade back and forth as there is no clear directional bias.
Any upside move is being well capped by a daily descending trendline near 1,44. On the downside, 1,41 has offered some great support lately and we will also keep a close eye on the 1,4050 support from August 4.
It is an ideal situation for swing traders who take advantage of this ranging market. It is hassle for trend followers like us and we recommend to stay on the sidelines until a clear trend emerges.
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