WEEKLY CHART The recent sharp sell-off saw a test of the projected bear channel base before recovery was seen.

First main resistance here comes from the late 2009 84.81 low, and a push through this would be a bull sign.

DAILY CHART:

In the FX Specialist Guide we have wondered whether or not the sell-off amounted to a blow-off move, paving the way for a better recovery on this chart.

In these situations such sell-offs seem to begin near the future 38.2% retracement level...

S/term note initial resistance emerging from the area of the old rising support/return line and 23.6% level - the first positive sign would be a clear close through this, followed by further recovery through that 38.2% level.