The currency pair has been aggressively declining since the 23rd of July, 2015, from as high as 91.76, to 89.90 a zone where the bulls have lately exerted strong upside pressures to stabilize the price above this level.
In the scenario where the buyers are able to withhold the pair above 89.90 and thereafter manage to succeed in an upside break at 90.25 they could lock their take profit targets at 90.83 and 91.19 respectively.
In contrast, in the event where there is a break below 89.90, the pair could decelerate to 89.33, the longer term major support zone.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.