The pair remains in a downtrend from 0.9082, February 2, 2014 high, and it extended its fall to 0.8853. The pair has been trading in a range of 0.8853-0.8915 for the last 5 trading sessions. Further move will be clearlu detemined only after a breakout to either side. A clear breakout above the channel resistance could give fresh upmove. We can see the level of 0.8500 in the last case if the price breaks 0.8800.
During the Asian trading session, the pair is trading at the level of 0.8870.
S1 0.8850 R1 0.8915
S2 0.8800 R2 0.8945
In the hourly chart the pair is struggling to cross 200 DEMA levels. It was kept on taking support at the levels of 0.8866-0.8850. RSI looks positive in the hourly basis. If everything goes well, the pair will try to cross the 0.8926 level.
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