The pair continues to be traded short in medium term. This allows us to seek for short-trades during corrective upward movements. Optimal entry point is middle Bollinger band (7.096). And actual target is dynamic support 7.026 (lower Bollinger band).
We note elevated activity of local ADX indicator in favor of bears. This limits potential of correction by resistance 7.074 (upper Bollinger band). Key support level is lower band (7.056 mark): once this level is broken speed of the quotes’ fall may spike.
Intraday ADX resides in a weak zone, therefore scenario with break of support 7.056 will be obviously postponed to another day. And today we can expect continuation of flat inside the range of Bollinger bands (7.056-7.069).
Flat in the 7.056-7.069 range.
Short-term trades to both sides inside the 7.056-7.069 range.
Mid-term shorts from 7.069 in direction 7.026.