The pair broke through support at 1.4120 and more support at 1.4060 but has managed to stay above the 1.4000 level. A break below 1.4000 will likely target 1.3920 followed by 1.3880.
Resistance on the upside is at 1.4100, 1.4140 and 1.4200.
A rise back above 1.4200 nullifies the short-term downward bias and indicates a move back higher.
The pair failed to break the 94.00 support line yesterday, and the pair did bounce off that area to re-test the former swing highs. Those former swing highs have so far held at 95.40.
The trendline support area is now at 94.20-94.30. A break indicates a swing down with a target of 94 and then 93.80. Intermediate support is at 94.60.
Resistance is still at 95.40 with a break above indicating a swing higher. Resistance is likely in the 95.70 area, and beyond that 96.00.
Forex Analysis by: ForexPros.com – Written by Cory Mitchell
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