Although the pair continues to hold on to its bullish short term uptrend, an offered tone is now seen as it prepares to move towards its big psycho level at 1.6000. While that level may present a strong resistance on an initial test, we expect it to eventually give in and open the door for further upside gains. Its present offensive is coming on the heels of a break and hold above the 0.5814/1.6068 levels which has now opened up risk even beyond the 1.6000 level and towards the 1.6200 level. On the other hand, on pullbacks the pair should target the 0.5814/1.6068 levels where a reversal of roles is likely. Further down, the 1.5521/1.5470 levels will come in as the next support with a break of there aiming at its violated trendline at 1.5226. This level is expected to hold and provide support thus turning the pair higher again.
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