The pair is now left with one line of defense at the 81.84 level, its last week low after pushing below the 82.33/40 zone, its Jan 14'2011/Dec 07'2010 on Tuesday. Below the 81.84 level is required to weaken further towards its 2010/11 lows at 80.90/23. A break of that zone will resume its broader weakness towards its 1995 low at 79.75 and next the 78.00 level. However, the risk to this analysis is a return above the 83.65 level, its Jan 07'2011 high. This will open the door for further gains towards the 84.50 and subsequently the 85.92 level, its Sept 12'10 high. Price hesitation is likely there but if that level fails and a break above it occurs, we should see further strength targeting its 50 ema at 87.54.

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