Support is established at 1.3830 and is also present at 1.3820 through 1.3800. This likely means the sideways swings will continue. Although minor trends within the broader range can still occur.
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Support is established at 1.3830 and is also present at 1.3820 through 1.3800. This likely means the sideways swings will continue. Although minor trends within the broader range can still occur.
A break below 1.3800 will likely test the recent lows in 1.3750 area.
Minor resistance is at 1.3880 but prices will need to push above 1.3900 to indicate stregnth. 1.3930 will provide moderate resistance with significant resistance at 1.3990-1.4000.
After holding in a tight range late Friday and Monday, the pair has now broken several significant short term support levels.
Short term target for the move is 94.00, although a move to that level is very unlikely today.
A move to 94.50, which is the next support level, is more likely and should stall further declines today.
Upside resistance is now 95.50-95.60 as well as 95.80 which is the former support level for the range the pair just broke out of. 96.00 provides resistance, as well as 96.20-96.30 beyond that.
Analysis by: http://www.forexpros.com – Written by Cory Mitchell
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