The pair is now following through on its Wednesday rally in Thursday trading session today. With the pair now trading above the 1.3744 level, risk of further strength is now seen towards the 1.3859 level, its Feb 02'2011 low. A break of those levels will convince the market of a resumption of its recovery started from the 1.2874 level. Further out, resistance lies at the 1.3970 level, its Nov 09'2010 high and then the 1.4280 level, its 2010. On the downside, support stands at the 1.3527 level, its Feb 22'2011 low followed by the 1.3427 level, its Feb 14'2011 low. A loss of that level will pave the way for more declines towards the 1.3245 level and then the 1.3000 level. All in all, though retaining its overall long-term uptrend, a firm break of the 1.3859/1.4279 level must occur to resume that trend.
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