The pair has been oscillating, since the 24th of August, 2015, mostly between the range of 119.34 and 121.23, with the bearish pressures lately getting more tensed below the 121.23 zone.
In the scenario where the sellers re-engage in exerting far greater pressures, thus generating a downtrend channel momentum, the pair could drop to 117.71 and 116.11 respectively.
Alternatively, in the event where the price breaks above the 121.23 zone, the pair could accelerate higher to 124.46.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.