The currency pair has been escalating since the 15th of July, 2015 from as low as 0.7001 to as high as 0.7129. The price has now stabilized between the range of today’s major levels, 0.7099 and 0.7126.
In the scenario where the price is unable to break above the 0.7126 zone but breaks below 0.7099, the sellers could force the pair lower and lock their profits at 0.7050 and 0.7019.
Alternatively, in the event where the pair breaks above 0.7126, the buyers could lead the price as high as 0.7203.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.