WEEKLY CHART So far, following earlier violation of the long term bear channel base, a shorter term channel base has contained the downmove.

At this stage note potential resistance around 1.3220, the 23.6% recovery of the downmove from 1.5881 Dec-08 high. Now see Daily chart...

DAILY CHART:

The current recovery is approaching resistance offered by the 1.3225 12-Nov low, which coincides nicely with the 23.6% on the Weekly chart. This represents an important barrier, but probably more key is the somewhat higher channel top projection at 1.3545 currently.

A break above this latter could see a subsequent pullback become temporary, prior to another bull leg, with a medium term recovery unfolding.

For now, however, there is no indication that bear fatigue is setting in.