In the bigger picture, whole down trend from 2008 high 1.6039 has resumed and should should now target 1.1639 key support level and possibly further to 100% projection of 1.6039 to 1.2329 from 1.5143 at 1.1433. Nevertheless, strong support might be seen between 61.8% retracement of 0.8223 to 1.6039 at 1.1209 and 1.1639 and bring reversal. But after all, On the upside, break of 1.2671 resistance is needed to be the first signal of bottoming. Otherwise, outlook will remain bearish.
In the long term picture, considering the five wave impulsive structure of the long term up trend from 2000 low of 0.8223 to 2008 high of 1.6039, price actions from 1.6039 are viewed as a correction only. Hence, we'd expect strong support between 61.8% retracement of 0.8223 to 1.6039 at 1.1209 and 1.1639 support to contain downside and bring another long term up trend. However, note that sustained break of 1.1209 key fibonacci level will dampen this view and open up the case of a take on parity.