The currency pair has been oscillating since the 12th of August, 2015, within a swing channel formation between the range of 1.1212 and 1.1080, as the bearish pressures get more tensed below the 1.1164 level.
In the scenario where the price breaks below the 1.1112 zone, the sellers could exert far greater pressures and force the pair to drop as low as 1.1011.
Alternatively, in the event where the pair breaks above the 1.1164 level, the price could accelerate as high as 1.1293.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.