Having halted its weakness and turned higher above its earlier broken support at the 1.0596 level, representing its Feb 23'2012 low, further strength could be developing. This could see a likely return above its key resistance at the 1.0853 level in the days ahead. Further out , resistance stands at the 1.0900 level, representing its psycho level followed by the 1.1000/4 levels and ultimately, its July 27'2011 high at 1.1078. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, in case its present upside attempts fail, we could see the pair declining further towards the 1.0507 level. Further down, support lies at the 1.0444 level followed by the 1.0335 level, representing its daily 200 ema. All in all, the pair is now seen recovering higher though vulnerable.

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