The pair during the European session has aggressively dropped from as high as 138.98, today’s major resistance level, to as low as 137.68, the current major support zone.
The latest bullish candlestick bar is a valid signal that the buyers could exert even greater pressures on the pair. Thereafter, a successful break above the 138.48 level will likely boost the price to 138.98 and 139.79 respectively.
Alternatively, in the event where the pair loses momentum and decelerates, a break below the 137.68 level could force the price to 137.08.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.