The has fallen over 1000 pips since the triple top late last year and is coming in contact with side of the buy/sell channel, finding significant support. The daily RSI for the pair has been channeling along the neutral 50 line. The ATR has been steadily declining as has the volume suggesting that some sense of normalcy is again entering the market. The 1.1765 area has provided nice support but if that area goes then the pair could easily test the lower side of the channel and then the 1.1450 area as it did in October 2008.