The currency pair is in a constant downtrend mode since the 6th of July, 2015, as the bears were able to aggresively force the price from 1.5628, to as low as 1.5328 a major support level where the bulls successfuly retraced the price once again to the upside.
In the scenario where the price resumes oscillating above 1.5394, the buyers could increase their bullish momentum and lead the pair to as high as 1.5513 and 1.5628 respectively.
Alternatively, in the event where the bears exert far greater pressures on the pair and the downtrend channel resumes, the price could decelerate toward 1.5250, provided though that initially there is a sufficient break below the 1.5328 level.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.