Recent rallies have been met with sharp sell offs. The Easing by the ECB has put pressure on the currency pair although the recent improvements in US data should provide support for the pair. However caution should be taken as we await the FED decision next week.

Currently the pair is at support (WS1) and we may see a rally to the upside.

The near term outlook is neutral, If the pair brakes support of 0.98097 further decline is expected however above 0.98862 we may see rally to the next resistance level.

4h Chart

Hourly Chart

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Horace Sutherland

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