Continuation of its weakness is now underway as the pair was seen pushing lower and testing the 0.8858/69 levels in early trading today. That zone should reverse roles and provide support thereby turning the pair higher again. However, if a violation of there materializes we could see further weakness towards the 0.8736 level with a loss of that level turning attention to the 0.8632 level, its July 19'10. However, in order for the pair to annul this view, a climb back above the 0.9219 level is required to open the door for further up move towards its May 04'10 high at 0.9265. A decisive violation of that level will open the door for more recovery towards its April 21'10 high at 0.9337 with a breach aiming at further up move towards the 0.9404 level, its Nov'16'10 high. Overall, having backed off higher prices, threats of bear pressure continues to be seen.
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