After a second week of declines the past week following its loss of upside momentum at the 1.3332 level, further downside threat continues to target lower prices with eyes on the 1.2522 level, its July 13'10 high. Below that level will open the door for more downside weakness towards its Jun 20'10 high at 1.2466. Its weekly RSI is bearish and pointing lower supporting this view. To prevent this from occurring, 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. Overall, though still retaining its short term uptrend started from the 1.1875 level, a clearance of the 1.3332 level must occur to trigger that uptrend.
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