Current prices dropped below 7 & 21DMAs that means weakness to prolong.
The southward travel upto next support at 1.0904 is quite possible.
In contrast, on weekly plotting, a gravestone pattern at 1.1048 levels evidences the weakness again in this pair, we could now see resultant effects in current the slumps dropped in the narrow range trend.
Notably, this range has lasted almost for 6 months, but the moment when it breached the above mentioned Gravestone pattern is occurred. That is from where it's been drifting down.
This has brought the trend back into range, narrow range creates opportunity for speculators though strangle shorting and intraday trader through one touch binary puts for southward targets of 25-30 pips with ease.
Weekly on weekly is currently trending at 59 levels, while curves a shy below 40s that signals indecision but linear movements.
But hints the upcoming trend is likely to prolong in the same range like we've been seeing from last 6 months. Long term FX investors may get good hedging arrangements capitalizing on this signal.
Nevertheless, short term bears can eye on shorts in near month for targets of 80-100 pips with stiff stop loss of 1.0978, thereby it establishes the attractive risk reward ratio.