A push further higher on Wednesday saw a failure ahead of its daily 200 ema before the pair closed lower. This leaves a pullback risk on the cards. However, it continues to retain most of its corrective gains triggered from the 0.9584 level. It now requires a break above the 222/42 level to resume the mentioned recovery towards its May 03'2012 high at 1.0325. A cap could occur here and possibly turn the pair lower. On the downside, the risk to this analysis is a return to the 1.0101 level where a breach will turn focus to the 1.0001/2 levels. We expect a reversal of roles as support here to occur but if that fails, the 0.9819 level will be targeted. Further down, support comes in at the 0.9735 level where a breach will call for a run at the 0.9584 level. All in all, the pair continues to retain its recovery tone.

Daily