The pair is going into the new week in a bullish mode following a reversal of previous week gains at the end of last week. In such a case, its key resistance at the 0.9081 level (Oct 20'2011 high) will come in as the next upside target. However, the bigger resistance comes in at the 1.9316 level, its Oct'2011 high where a break will annul its entire correction and bring further strength towards the 0.9400 level, its psycho level. A breach of here will create scope for further upside towards the 0.9503 level, its Feb 22'2011 high. Alternatively, the risk to our analysis will be a return below the 0.8568 level, its Oct 27'2011 low with a violation of there allowing for further declines towards its psycho level at 0.8400 level. All in all, the pair looks to build on its past week gains in the new week.

Weekly