The pair rallied strongly higher during Wednesday trading session breaking above its Nov 25'2011 high at 1.0106 and its daily 200 ema at 1.0236 to test a high of 1.0330. This is coming on the back of its corrective recovery started from the 0.9663 level on Nov 23'2011. On continued upside offensive, the immediate resistance stands at the 1.0312 level, its Nov 14'2011 high with a cut through there calling for more strength towards the 1.0444 level, its Nov 03'2011 high. A penetration of here will open the door for further upside towards the 1.0569 level, its Oct 31 high. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, on any pullback from its current price levels, the 1.0236 level (daily 200 ema) will be aimed at with a violation of there turning focus to its Nov 25'2011 high at 1.0106. We expect the pair to see a breather here and possibly turn higher but if this fails to occur, further bear threats should push the pair lower towards its Nov 30'2011 low at 0.9942 level with a breach turning focus to its Nov'2011 low at 0.9663 level and the 0.9620 level, its Oct 06'2011 low. All in all, the pair continues to sustain its recovery triggered from the 0.9663 level as it eyes further strength.
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