The FX Trader's view -

WEEKLY CHART: The reversal in trend at the 76.4% recovery level has so far been characterised by muted recovery attempts.

Earlier support, which included the old 1.3737 Mar-09 high area, failed and the 61.8% retracement around 1.3400 is now under scrutiny.

Now look closer...

DAILY CHART:

Note how the s/term chart structure has subtly changed in Feb - this has been accompanied by positive RSI divergence signs, which call for bears to be more cautious now.

This is occurring on the approach to the 61.8% pullback level (see Weekly chart above).

At this stage a close above the 1.3800 area would be an initial positive sign, but further s/term indecision could be seen before any recovery got properly underway.