The pair is currently oscillating between the range of 1.4201 and 1.4240, today’s two major levels, after the aggressive downside move since the 27th of July, 2015 where the price dropped from 1.4495 to 1.4201.
The bulls have now somehow stabilized the pair above 1.4201, and therefore have greater chances of taking control over the price in today’s trading session. In the scenario where the pair breaks above 1.4240, the buyers could place their take profit targets at 1.4312 and 1.4337 respectively.
In contrast, in the event where the pair breaks below 1.4201, the price could resume to decline further to 1.4083.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.