The immediate risk remains for the pair is to topple the 1.0264 level, its Nov 10'2011 high and the 1.0286 level, a level its now testing. A convincing break and hold above here will resume its corrective strength and pave the way for a run at the 1.0386 level, its Oct 10'2011 high and then the 1.0481 level, its Oct 06'2011 high. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, the risk to this analysis is for the pair to break back below the 1.0053/76 levels and then a return below the 0.9890 level, its Oct 27'2011 high. This will resume its short term downtrend towards the 0.9779 level, its Sept 16'2011 low. A firm penetration of here will set the stage for further declines towards the 0.9724 level. All in all, the pair remains biased to the upside on further corrective recovery.
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