Corrective recovery is now in place but while that occurs below the 1.3197 level and the 1.3212 level, its Nov 25'2011 low, risk points lower in the medium term. This leaves the threat of a return to its Dec 2011 low at 1.2856 on the cards where a violation will resume its medium term weakness towards the 1.2700 level, its psycho level followed by the 1.2587 level. Alternatively, the pair will require a break and hold above the 1.3197 level and the 1.3212 level, its Nov 25'2011 low to reduce its broader medium term downside pressure. This will bring further gains towards the 1.3419 level, its Nov 17'2011 low and then its 1.3547 level, its Dec 02'2011 high. Further out, the 1.4241 level, its Oct 27'2011 high comes in as the next upside targets. All in all, the pair continues to hold on to its medium term downside bias despite its present recovery attempts.

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