Bear pressure saw the pair giving back almost all of its Tuesday gains and now leaves it vulnerable to the downside. Although it is still retaining most of its short term gains, further downside pressure is now developing further towards the 0.8858/69 levels. 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 and then the 0.8632 level, its July 19'10. Conversely, above the 0.9219 level is required to open the door for further up move towards its May 04'10 high at 0.9265 with a decisive violation of that level clearing the way for more recovery towards its April 21'10 high at 0.9337 and then the 0.9404 level, its Nov'16'10 high. Overall, with recovery momentum faltering, bear threats could continue.

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