The pair is still holding on to its momentum built from the 1.3509 level though price hesitation is now developing. We see risk for a further recovery towards the 1.3859 level, its Feb 02'2011 low with a break targeting the 1.3970 level, its Nov 09'2010 high. Further out, resistance stands at the 1.4280 level, its 2010 high. Alternatively, the risk to this analysis will be a return below the 1.3509 level. This will call for more weakness towards the 1.3494 level, its Dec 14'2011 high where its former resistance is expected to turn to support if tested. Below there if seen will target the 1.3245 level and then the 1.3000 level. All in all, having halted its recovery from the 1.3859 level, we see immediate risk to the upside.
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