The pair has been recently oscillating in a swing channel formation between the range of 123.78 and 124.70 respectively.
The price lately has somehow stabilized slightly above the 124.21 level, and in the scenario where the pair breaks above the 124.30 zone it could escalate as high as 124.70.
Alternatively, in the event where the pair breaks below the 124.21 zone, the price could drop as low as 123.78.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.