The pair is a little higher on the day as the dollar remains weak
In trading today the pair is seeing a range of 46 pips, not too shabby for Asian trading. But we're trading closer to the top of that range right now as the greenback is on the backfoot.
Currently, the pair is also trading above a recent wedge formation which is breaking above the downside trendline resistance formed from February up until now.
Yesterday's daily close fell short of breaking above it, so we'll have to see if today's attempt will justify a further move to the upside or not.
There's not much on the data front today, so it will be a lot about the flow. On the option expiries today, there's not much notable ones as well except a decent sized one near 1.2300 - quite a distance away from current levels.
Let's see if things change later in the day when European markets enter.
