No change in this pair. Still in the range.
However, if this beast starts to move at one point, things could get ugly very fast if you find yourself on the wrong side of the market. The current price action (30-50pips ranges per day) is fairly abnormal for this pair as it used to travel quite a lot and the chances are that those days will come back.
As far as I'm concerned, we have more supports to the downside, than resistances to the upside and from my perspective - we have very few reasons to go lower purely on fundamentals. Of course, trading fundamentals and technicals are two separate things but the overall picture does not support significant downside (99.70 max). So I'll be looking for bullish clues from the ADP-NFP and NFP itself on Thursday.
However, if this beast starts to move at one point, things could get ugly very fast if you find yourself on the wrong side of the market. The current price action (30-50pips ranges per day) is fairly abnormal for this pair as it used to travel quite a lot and the chances are that those days will come back.
As far as I'm concerned, we have more supports to the downside, than resistances to the upside and from my perspective - we have very few reasons to go lower purely on fundamentals. Of course, trading fundamentals and technicals are two separate things but the overall picture does not support significant downside (99.70 max). So I'll be looking for bullish clues from the ADP-NFP and NFP itself on Thursday.
