Continues to remain vulnerable within its range trading environment. However, the big picture still sees the pair maintaining its medium term uptrend started from the 1.5235 level. To resume that uptrend, it will have to break and hold above the 1.5924 level, its Feb 08'2012 high and the 1.5990 level. This will pave the way for a run at the 1.6074 level, its Nov'2011 high and possibly higher towards its Oct 31'2011 high at 1.6161. On the downside, the risk to the analysis will be a convincing break and close below the 1.5642/53 levels, its Feb 14/15'2012 lows. This zone may continue to hold on tests. However, if violated, further lower prices will shape up towards the 1.5497 level, its Jan 10'2012 high. On the whole, the pair may be vulnerable but continues to hold on to its broader medium term uptrend.
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