The pair has been aggressively escalating since the 8th of July 2015. The upward trend initially started from as low as 185.08 to as high as 190.75.
The latest stability at 190.05 is an indication that the bears could this time retrace the pair to the downside. Provided that the price breaks below 189.41, the new profit targets could be set at 187.94 and 187.21 respectively.
In contrast, if the upward pressures resume and the price breaks above 190.75, the buyers could push the pair up to 191.65.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.