The pair has been aggressively rising since the 16th of July, 2015 as the buyers were able to gain momentum of the price from as low as 0.8401 to as high as 0.8617.
The price has now stabilized slightly below 0.8570, an indication that the sellers could attempt to retrace the pair to the downside. In such a scenario the bears could place their targets at 0.8487 and 0.8444 respectively.
In contrast, in the event where the pair breaks above the 0.8617 zone, the price could accelerate even higher toward 0.8671.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.