The currency pair has been under strong downside pressures since the 23rd of July, 2015, pressures that forced the price to decline as low as 191.32.
The price is at the moment oscillating stably between the range of 191.69 and 191.32, today’s two major levels. The bullish pressures will likely increase and in such a scenario the pair could appreciate as high as 192.95 and 193.85 respectively.
Alternatively, in the event where the price breaks below 191.32, the pair could drop further to 189.77.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.