The weekly chart shows that the sharp fall from the 1.16 area has been consolidating between 1.04 and 1.06 but there is no strong sign of any bottoming pattern or indicator. There may be another dip still in this pair just to throw the last of the bulls off and I think we might even see a test of the flat basing line drawn through the previous lows; this line comes in around 1.0075 by my reckoning. That’s where I’ll be trying to build my long-term ‘bottom-picking’ longs from.