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EURUSD: Recovery To Target The 1.2921 Level. EURUSD: With a rally seeing the pair pushing above its minor resistance at the 1.2770 level, its Aug’27’10 high, recovery strength could be developing towards its Aug 18’10 high at 1.2921. Further out, resistance is located at the 1.3332 level with a break resuming its short term uptrend towards its .50. Fib Ret (1.5143-1.1875 decline) at 1.3500 and then the 1.3691 level, its April 12’10 high. Conversely, if weakness is seen the1.2586 level, its Aug 24’10 low will be targeted followed by the 1.2522 level, its July 13’10 high. Further weakness if seen will aim at its Jun 20’10 high at 1.2466 and possibly lower. Overall, with bull pressure developing again, higher level prices are seen. 
GBPUSD: Bear Threats Still Seen.
GBPUSD: Although the pair held above the 1.5470 level following a brief halt of its weakness from the 1.5996 level, it remains vulnerable to the downside in the nearer term. This is suggestive of a break back below the 1.5470 level followed by the 1.5371 level, its daily 200 ema with a loss of there targeting further downside. However, to annul this downside view, the 1.5996 level, its Aug 08’10 high will have to be violated to create scope for additional recovery towards the 1.6274 level, its Jan 24’10 high and then the 1.6466 level, its Jan 2010 high. All in all, with continued weakness in progress, further losses are likely.
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