The currency pair has been under tremendous bullish presssures since the 6th of July, 2015, powerful enough that led the price from 0.7042 to 0.7212.
The pair is at the moment showing signs of stabilization at 0.7208, which is a good indication that the sellers might gain momentum, provided though that there is a sufficient break below the 0.7166 level, and force the pair down to 0.7126 and 0.7105 respectively.
Alternatively, in the event where the price breaks above the 0.7208 level, the buyers may resume their upside pressures toward 0.7243.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.