I like to see a reaction low below the 20 MA before that includes a strong bounce before a reversal can be an all out reversal. not always of course. Also 20 MA is still up. Most TA traders are simple MA traders and will notice this as well and at some point will try to drive the price back up. I just need to be prepared to take shorts now when they come as well. Now we did have what I would classify as minor reaction low on 12/11/06, but it was above the 20 MA and as such was not very significant--. (Monthly Euro up as well).
Looks to me like we might be in for a good sized rally if we can poke our head up above that 1.31730 level basis March.