I am considering a trade in this pair so after a quick ring around some dealing rooms, this is what the order books look like.
- light selling for the session at 1.4170 but should contain until Europe comes in
- further selling interest up to 1.4200 but stops now building above 1.4230
- relatively heavy stop-losses below 1.4080 or as one dealer put it, ‘worth triggering if it gets close’
- solid buying interest around 1.4000
- heavy stop-loss selling belown 1.3970
Overall, the short term outlook for the next 100 pips favours the downside.