The pair is consolidating in a series of triangle formations on the hourly charts. A break above 95.50 would signal a move to retest recent swing highs between 95.80-95.90. Targets beyond are 96.20 and ultimately 96.50 if the prior levels are surpassed.

A break below 94.70 gives early indication of weakness but will be confirmed by a pull below 94.55. The target is ultimately 93.80 but the 94.40 and 94.00 levels need to watched as there is support at these levels which could stifle the full move.

More ranging is also a possibility as the market generates energy in a narrowing field within the chart formation.

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