On the hourly chart the pair broke below a support level which had held rates above 98.20 since late trading June 5. That level was broken in early trading today.

While this may be a false breakout, targets on the downside are 97.55 and 97.00.

A move back into the range of 98.20-98.90 would signify a retest of short term resistance at 98.50 and the highs of the range at 98.90-99.00.

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