As a strong rally pushed the pair through its medium term falling trendline(visible on the daily chart) the past week, further corrective recovery is likely as we enter a new week. This will open the door for more recovery towards its Jan 07'2011 at 83.65 with a loss of there putting the pair in a position to target the 84.50 level. Beyond that level will turn focus to the 85.92 level, its Sept 12'10 high with further strength targeting its 50 ema at 87.54. Alternatively, a return below its broken falling trendline and the 81.11 level will call for more weakness towards the 80.90/23 levels with a violation of that level resuming its long-term downtrend towards its 1995 low at 79.75 and next the 78.00 level. Its weekly RSI is bullish supporting this view.

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