The pair has been steadily escalating since the 5th of August, 2015, from as low as 135.01, a major support zone, to as high as 136.70, a major resistance level.
The price has for some time now been oscillating stably between the range of 136.31 and 136.70, today’s two major zones.
The bearish scenario seems to be more promising than a bullish one and therefore a break below the 136.31 level could force the price to 135.43 and 135.01.
Alternatively, in the event where the pair breaks above 136.70, the price could accelerate as high as 138.04.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.