Yesterday the pair rallied to retest the old support levels. These levels, now resistance levels, held off USD buyers and the rate fell to new short-term lows. This confirms the break downwards and put the bias down once again.

Rallies can still occur with resistance at 97.00 and 97.30. A move higher than this today is unexpected unless news out of the US at 1230 GMT comes in with a big surprise.

Mild support is at 96.40 and 96.20. 96.00 and 95.60 offer more solid support.

Analysis by: http://www.Forexpros.com - Written by Cory Mitchell

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