The pair is currently trading in a support (and old resistance) area. A slight pull up off the 97.70 is expected, but declines below this level would likely find support at 97.50. A further fall would target 97.20 and 97.00 should hold through the session.

A push above 98 would target 98.30 and beyond, 98.50. Further extension should find resistance at 98.70 and 99.00 should hold through the session.

A surprise in the news out of the US at 1230 GMT could push prices beyond the normal daily range.

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