The pair has been aggressively rising since the 21st of July, 2015 after the powerful bullish retracement at 1.4055 that led the price as high as 1.4275.
The latest downside retracement at 1.4275 is a good indication that the pair could decelerate toward lower zones, provided that there is a break below the 1.4222 level. In the scenario where the price drops, the sellers could place their take profit targets at 1.4141 and 1.4088 respectively.
Alternatively, a break above 1.4275 could signal the continuation of the uptrend channel formation to 1.4409.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.