The currency pair is in a constant declination mode since the 31st of July, 2015, as the bears were able to exert strong downside pressures from as high as 137.32 to as low as 135.03.
The bearish pressures could likely come to an end at 135.03, provided that the buyers re-engage in retracing the pair once again to the upside via a successful break above the 135.55 level. In such a scenario the price could escalate as high as 136.23 and 137.32 respectively.
Alternatively, in the event where the pair breaks below the 135.03 level, the sellers could resume forcing the price even lower to 134.43.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.