This daily chart of the euro shows the various levels of support and resistance seen going back to July of 2008. The pair is seen here falling below the 90 buy/sell channel. Take note of how that channel seems slightly wider than it did several months ago, suggesting that there is a great deal of volatility still seen in the market today. The 1.3100 area provided strong resistance from mid October until the beginning of December and we will soon see if it holds as support for the pair. If that level should fail to hold the 1.2550 and then 1.2320 areas could be seen rather quickly.