Through quiet trading yesterday the pair respected a prior swing high of 95.25. A drop below 94.60 would indicate another swing down, but confirmation would be a break of the 94.40 level.

The break provides a profit target of 93.85, this corresponds to swing lows of May 22. The 93.50 level is significant and likely to provide further support. Beyond this the profit target is 92.50.

A break above resistance at 95.25 would indicate an initial target of 95.85-96.00 and beyond that 96.60.

Forex Analysis by Dr. Sivaraman at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check forexpros. com