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The price bounced from the support level at 104.622, then rebounded from 108.006 and slowed near 100.7 level where it is currently at. RSI indicator has been steadily moving to its critical 30% value for seven bars now. Currently 2/3 market participants are bearish, but in 1 day time horizon most of the indicators suggest possible bearish breakout. In such case short traders could focus at a five month low 99.25 level.
The stochastic indicator has reached its 20% critical value after scoring above 80% twice in the last fifteen bars. Long traders could focus their attention on the resistance level at 100.93. If the pair breaks this level, then the second target could be at 102.12.
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