The 88.00 level will remain a key level to watch today (this price was the low price in October 2009). Above the level should be bullish from a trading perspective, while below would be a bearish. The cross is in a pretty nice channel down and is sitting on the .500 fibo and the top of the channel poised to make a move. USDX is being bought today which lends credence to the bulls. All of which suggest the area is a level of balance, but we know a balanced market will lead to a unbalanced market. SO be on alert for a move away at some point.
Should the market move higher, the next target is the 88.26 level where the R2 is found. A break above should confirm the bullish bias and lead to further upside gains today to the R3.