while the trend is still up over the last few weeks, the pair did temporarily break through its supporting trend line. There are also some chart patterns developing which point to some crucial levels to watch.

94.50 is right on two upward sloping trendlines currently (this number will rise over time as the line is upward sloping) and a break below would indicate a swing down and a larger correction. Intermediate support is at 94.00.

On the other hand if 94.50 is not breached and the pair pushes above 95.50 this would indicate a swing higher. Initial target is 96.00, but there is some resistance from 95.80-96.90.

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