The currency pair has been ranging between the levels of 1.0830 and 1.0674 since the 9th of November 2015.
The pair fell during the course of the day on Friday from as high as 1.0823 to as low as 1.0716 to then rise up again to 1.0768. Subsequently, the market fell again today down to 1.0674 to bounce back up to 1.0757. Taking into consideration that there is significant resistance above 1.0768, the pair could be forced lower. In the event that the price breaks below 1.0717, the pair could decelerate down to 1.0707 and 1.0674.
Conversely, in the scenario where the bulls keep exerting strong pressures and the pair breaks above 1.0757, the price could go up to 1.0809 and 1.0851 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.