The gradual depreciation seen during the last ten days has been a test for Bulls. Are there any signs that this slide will come to an halt? As of now on the daily timeframe, trend is bearish and price did retest the Cloud after it broke below it and has since moved lower. We also see how the 61,8 fib at 1.38 is an important resistance level that any bounce from here will have to deal with. Bulls would like to see a strong green candle and a move up above the 1.38 level, to shake off this bearish sentiment. We do see price bounce off the first dotted red line at the 1.00 handle, but yet failed to close above the Weekly S1 on H4 timeframe (chart to the right) On the H4 timeframe we do see some Bullish Divergence and a MACD cross that is brewing. Perhaps this will spark some life in the pair. On H4 we also see the Cloud resistance currently around 1.25. Bulls would initially like to see price H4 close above S1 at 1.15 and also break the pattern of lower highs and lower lows, which would mean a taking out of the high from Jan 28 at 1.39. A move below 1.00 handle will shift direct focus to the Jan 17 low at 0.87.