EURUSD: Extends Bearish Momentum, Bears Eye The 1.3003 Level.

EURUSD: With EUR remaining vulnerable following its fourth consecutive day of weakness, the risk is for it to weaken further in the days ahead. Having broken through the 1.3134 level, the pair is now set to decline further towards the 1.3003 level, its Mar 15'2012 low. On further weakness, the 1.2975 level will be aimed at followed by the 1.2879 level, its Jan 23'2011 low. Its daily RSI is bearish and pointing lower suggesting further weakness. On the other hand, to annul its present downside pressure, it will have to break and hold above the 1.3387 level. This will leave the pair targeting the 1.3484 level with a cut through here pushing the pair further higher towards its Dec 02'2011 high at 1.3547. Further out, price extension if seen will aim at its weekly 200 ema at 1.3642. All in all, EUR remains biased to the downside having maintained a nearer term bearish tone.

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