Looking at the recent decline of the pair on the hourly chart, it can be seen the pullbacks (higher) have become weaker over the last several days. Selling pressure has also eased but the current trend is still down.

Containment within the area of 95.30-94.10 is quite likely. After aggressive moves higher and then back down over the last couple weeks price action contained within this range is quite probable.

If the pair does move out of the range, bias is to the downside. A break below 94.10 indicates a further slide with a target of 93.20 (not necessarily today). Support is above this at 93.80 and is expected to hold today.

A move above 95.30 is less likely. Resistance is at 95.50 and 95.80.

Forex Analysis by Cory Mitchell at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check Forexpros. com