EURUSD: Backs Off Higher Prices, Eyes The 1.2132 Level.

EURUSD: With a negative close registered the past week, the pair remains vulnerable to the downside in the new week. This will leave EUR eyeing the 1.2132 level where a violation will aim at the 1.2040 level. Below here if it materializes should target the 1.2000 level, its big psycho level. We expect EUR to face price hesitation ahead of or at this level. In such a case, it could see it back off higher but if that level is breached, the pair should weaken further towards the 1.1950 level. Conversely, a return above the 1.2407 level will have to occur to reverse its present weakness and trigger further upside. Further out, resistance lies at the 1.2482 level, its .618 Fib Ret. All in all, EUR continues to hold on to its broader medium term weakness.

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