This was the first pair to lead the USD gaining move from August.It will be the last pair to reverse.So wide range swings could be seen in this pair for another week - 0.73-0.68 area will be seen during that wide range swing time.Position trade can be done to maximize profit in this pair.Downside volatility will be less.
It has made 100 pips drop move today and making the recovery move now current ranging 0.6835 - 0.7004 .Further rise is expected from now on till US session.Players were dropping other majors initially before start of every session and then firm up till close of the session an initial trap move for the long holders to liquidate and later another trap move for the short sellers to do short covering during rise.Dips are buy opportunities in other majors.