Based on price action of this pair, I have gone to the . This is the summary of how I will be trading this pair in the upcoming week is as follows:-
1) The pair is essential stuck in a range ( ) . Boundaries - Upper: 125.30-33, Lower: 123.50- I will be buying dips close to or at 123.50 or at the further extremity of 122.60 (if seen)
2) Aggressive traders can sell at the top of the boundary at 125.30, but run the risk of price going to 125.80 or beyond (in line with the dominant trend) .Tight stop losses will be needed.
3) I will be looking to see if price attempts any break out of this range. In the meantime I prefer to trade only the daily boundary levels only on dips.
Safe Trading all!