The currency pair has been considerably stable since the 1st of July, 2015 oscillating between the range of 136.87 and 136.36 respectively, as both buyers and sellers were unable to take absolute control over the price.
The bearish trend seems to have greater probabilities to prevail, and therefore in the scenario where the sellers are successful with a downside break at 136.36, the price could decelerate as low as 135.89 and 134.92 respectively.
In contrast, an upside break at 136.87 could give the opportunity to the buyers to lead the pair as high as 138.24.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.