The pair has been aggressively escalating since the 17th of August, 2015 from as low as 2.1097 to as high as 2.1478.
The latest candlestick bar is strongly a bullish one, with the price now facing strong downside pressures at 2.1478. In the scenario where the price is unable to break above this level, 2.1478, and thereafter retraces and breaks below the 2.1402 zone, then the pair could drop to 2.1240 and 2.1187 respectively.
Alternatively, in the event where the price breaks above the 2.1478 level, the pair could appreciate as high as 2.1589.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.