With further bear pressure pushing the pair through the 1.2732 level, its Aug 16'10 low today following its loss of upside momentum at the 1.2921 level, threats of further declines are likely. This development now leaves the pair eyeing the 1.2522 level, its July 13'10 high with a cut through there targeting the 1.2466 level, its Jun 20'10 high. Its daily RSI is bearish and pointing lower supporting this view. To annul this view, the pair will have to break the 1.3332 level thereby triggering the resumption of its short term uptrend towards its .50. Fib Ret (1.5143-1.1875 decline) at 1.3500 and then the 1.3691 level, its April 12'10 high.
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