The previous "bull run" appears to be a long term corrective move and halted right below Fibonacci key resistance. Is it the time to unmount the bull ? only a clear break above this level may push this pair to 1.35 with 1.38 key level as next key resistance. This pair is also still below 55MA that means the downside move is still intact.
With the Eurozone Crisis still the main headline maybe for the following months or years, this pair is still fundamentally under pressure. Some analyst said that short term bids are spotted around 1.2750-1.28.