The currency pair has been recently under strong upside pressures that initially started from as low as 1.3823 to as high as 1.4032.
The latest stability between 1.3987 and 1.4032 is an indication that the sellers could this time retrace the pair to the downside.
In the scenario where the price declines, the sellers could force the pair as low as 1.3823 and 1.3693 respectively.
In contrast, in the event where the price breaks above the 1.4032 level, the pair could aggresively escalate to 1.4261.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.