WEEKLY CHART: The drop back from 76.4% resistance has got a second wind - after trying to find support around the 61.8% pullback level the chart has ignored the 76.4% pullback.

In the bigger picture this is developing into the next

major medium/long term downleg from the 2008 peak.

The 1.2328 Oct-08 low is in the bears' sights.

DAILY CHART:

Whilst the combined effect of the 76.4% pullback level and a Fibo projection amounted to zero, this just underlines the strength of the bears at present.

Next possible supports we can identify are the bear channel base projection around 1.2575 currently, already tested, and then two lower Fibo projections at 1.2500 and 1.2250, straddling the 1.2328 Oct-08 low.

Whether current weakness is a type of s/term bear blow-off move remains to be seen, but a recovery/close above the 1.3400 area is required to indicate a temporary recovery phase is under way.