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
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.