in 2009 (first week of August) pair rebounded from this level, last week and this week we see bulls trying to take over it, but yet they don't succeed. As bullish trend is exhausting (if not already exhausted) it starves for correction to continue its rise or begin its fall. Any way, 1.37 is strong resistance level (and it is round one :)) and price is near to it, so we can sell some with a short stop around @1.3705.