After holding in a tight range late Friday and Monday, the pair has now broken several significant short term support levels.

Short term target for the move is 94.00, although a move to that level is very unlikely today. A move to 94.50, which is the next support level, is more likely and should stall further declines today.

Upside resistance is now 95.50-95.60 as well as 95.80 which is the former support level for the range the pair just broke out of. 96.00 provides resistance, as well as 96.20-96.30 beyond that.

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