Euro/Dollar (EUR/USD) Technical Analysis - Weekly, 21 week, 2010

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The glamor of the aid plan adopted by the EU quickly vanished last week and the Euro got to its lowest level against the US Dollar since the start of the current crisis.
Today it broke below the lowest point achieved around the failure of Lehman Brothers almost year and a half ago and currently trades around 1.2270/90 level.
The weekly graph still points downward but there are couple of things that should be considered.
The trading levels got steadily outside the Bollinger bands which usually is a sign of extremely high pressure. Such pressure is often found in the last moments of a particular movement. Moreover it almost trades at the Bollinger bands level on the Monthly graph but it still hasn't surpassed them.
Apart from the above notes the downside pressure for the Euro on the weekly graph still remains.
For a more precise picture the daily graphs should be checked during the week.