The pair has been aggressively declining since the 22nd of July, 2015, as the bears were able to take the absolute control over the price.
At the current state of trading affairs the price seems to have stabilized between the range of 1.0893 and 1.0972, today’s two major zones.
The bullish scenario seems to have greater chances of prevailing, therefore a successful break above the 1.0972 could be an indication that the price could escalate as high as 1.1063 and 1.1164 respectively.
Alternatively, a downside break at 1.0893 could signal the continuation of the downtrend channel to 1.0802.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.