WEEKLY CHART Following erosion of the long term bear channel base support has emerged from the equality target at 0.9345 (Nov-08/Nov-09 downmove measured off the 1.1730 Jun-10 high).

Note resistance on this chart offered by the old support/return line.

DAILY CHART:

The initial bounce off the 0.9298 31-Dec low found was repelled by the rising old support/return line.

This low has stayed intact, keeping the next Fibo projection at 0.9040 out of reach for now.

At this stage a recovery needs to overcome key resistance that centres on the 0.9914 Nov-09 low and includes that old return line and a bear channel top.

A clear break/close above this resistance would provide us with a clear bull signal, and justify calculating higher retracement levels. We await developments.