Having followed through higher on the back of its past week gains, further bull pressure is now eyeing its major resistance at the 1.6546 level, its May 31'2011 high. A cut through that level will open the door for more upside gains towards the 1.6743 level, its 2011 high. Alternatively, the risk to this analysis will be a return below the 1.6193 level and the 1.6262 level, its Jun 22'2011 high. However, the bigger challenge will be a break and hold below the 1.5778 level, its July 12'2011 low. In such a case, the 1.5749 level, its Jan 25'2011 low will be targeted followed by the 1.5700 level, its psycho level.

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