FXstreet.com (Barcelona) - The pair has been holding steady today during the Japanese trading session, primarily range trading around the 100.40 price level. However, the daily chart has the pair trading in the upper zone on the Relative Strength Index, indicating the pair may be oversold, said Greg Holden, analyst at ForexYard. The hourly chart shows the pair has reached the upper border of the Bollinger Bands and may fall to the lower border. Going short could be the right play, he added.
Stoyan Mihaylov, analyst at Deltastock.com stated that a short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated between the 50- and 200-day SMA, currently projected at 94.12 and 99.36, he added.
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