With a firm hold below the 0.9297 level, representing its 2011 low and further weakness seen the past week, we are looking for a further run to the downside. In such a case, further weakness is likely towards the 0.9200 level, its last week low with a violation of that level paving the way for further weakness towards the 0.9100 and then the 0.9000 level, all representing its psycho levels. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, for the pair to reverse its current downside vulnerability, a climb back above the 0.9772/83 levels must occur though not likely at its current price levels. This will set the pair up for further strength towards the 0.9913 level, its Dec 08'2011 high and then the 1.0066 level, its Dec 01'2010 high. All in all, with continued bearish offensive seeing the pair extending its broader bearishness the past week, further declines cannot be ruled.
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