The currency pair has aggressively escalated since yesterday’s session, the 30th of July, 2015, from 127.80 to 128.88.
The pair is now facing considerable downside pressures at 128.73 and in the scenario of a successful break below this level, the price could decelerate as low as 128.01 and 127.80 respectively.
Alternatively, in the event where the pair breaks above the 128.88 level, the price could escalate to 129.28, the next long term bearish zone.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.