With the pair rallying strongly to resume its short term uptrend today, risk of further upside is likely towards the 1.4095 level, its Sept 08'2011 high.On a break of here, EUR will target the 1.4283 level, its Sept 06'2011 high followed by the 1.4379 level, its Sept 01'2011 low. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, the risk to this analysis will be for the pair to return below the 1.3913/37 levels, its Oct 17'/Sept 15'2011 highs. This will annul its present upside tone and bring further weakness towards the 1.3690/50 levels. Below here will activate further declines towards its Oct 10'2011 low at 1.3377 and then the 1.3144 level, its Oct'2011 low where a break will resume its medium term weakness. All in all, with EUR maintaining its recovery tone further upside gains are expected.
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