The cross has bounced near a support at 1.7973 (medium term retracement). This rebound may extend upon a break above 1.8402/13 toward 1.8549, possibly 1.8657 (retracement of 38% of the downtrend between December 2012 and February 2013). Below this resistance, the short term trend remains bearish and a break below 1.7973 would prolong the downtrend toward 1.7780 in the short term and toward 1.6980 in the medium term. Buy – Stoploss @ 1.8185 – Target @ 1.8548.
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