The currency pair has been aggressively escalating since the 8th of July, 2015, as the buyers were able to lead the price from as low as 120.41 to as high as 123.73, today’s major level.
The price has now stabilized between the range of 122.92 and 123.73, at 123.48. In the scenario where the sellers manage to withhold the pair below 123.73 and thereafter force it to break below 122.92, the price could decelerate as low as 122.08 and 121.66 respectively.
Alternatively, in the scenario where the bulls resume their pressures, a successful break above 123.73 could lead the price as high as 124.46.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.