Further downside pressure continues to be seen after the pair declined for a second week in a row the past week following its loss of upside momentum at the 1.3332 level. This technical development now leaves a further downside threat targeting the 1.2522 level, its July 13'10 high with a break below that level opening the door for more downside weakness towards its Jun 20'10 high at 1.2466. This view remains valid despite its present price hesitation. 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.

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