The pair has consolidated just above the former support level at 94.60. This has created a flag formation. This formation is a continuation pattern indicating further declines, although a push higher is still a possibility.

Support is at 94.50 and a sustained break below would confirm another swing down. Conservative target is 94.20-94.00 with a more aggressive target being 93.80. Strong support is also at 94.00.

Resistance is at 94.90 with a break above likely to erase some of the earlier declines. Further resistance is at 95.20, 95.60 and 95.80.

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