The pair is currently in a 55 pip range. A sustained break above 1.4055 would indicate a target of 1.4110 and beyond that 1.4150.
After a strong run up yesterday it appears the market may try to test further resistance above 97.00. Although, this is likely fail as there is a strong resistance band between 97.20 and 97.45.
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The pair is currently in a 55 pip range. A sustained break above 1.4055 would indicate a target of 1.4110 and beyond that 1.4150.
A break below 1.4000 would find initial support at 1.3980 and if that is exceeded will likely head for 1.3945. 1.3900 is the support level beyond.
There is a upward sloping trend line over the last couple weeks which will also provide support around 1.3950.
After a strong run up yesterday it appears the market may try to test further resistance above 97.00. Although, this is likely fail as there is a strong resistance band between 97.20 and 97.45.
Therefore, while there is a bit room on the upside currently the bias is downwards if it gets up into those areas. If it stays in that area it would be a bullish sign but movement beyond 97.45 is unlikely today based on current averages.
On the downside support is at 96.50, 96.20 and 95.80.
Analysis by: http://www.forexpros.com – Written by Cory Mitchell
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