The pair has been swinging between the range of 0.8556 and 0.8711 since the 24th of July, 2015 after the previous downside move from 0.8695 to 0.8556.
The price is currently oscillating slightly below the 0.8674 zone, and in the event where the bears are able to exert far greater pressures they could by all means force the pair lower to 0.8618 and 0.8556 respectively.
In contrast, in the scenario where the bulls re-engage in their upside pressures, they could further lead the pair as high as 0.8779, provided that there is a successful break above the 0.8711 level.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.