According to Sean Lee, Founder at FXWW: "Earlier in the week the big prime brokerages were reporting heavy sell orders starting above 102.25, and it looks like they are still there as 26 was high."
Technically, "having broken 102.00, the way is now open for a run towards the May high at 102.53, and beyond that would see a run towards 103.00 and the 103.73 target (21 May high)" notes Jim Langlands, Founder at FXCharts. On the downside, Jim notes "101.95/102.00 will now be the initial support below which would see a run back to the rising trend support, now at 101.25."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.