EURUSD: Having continued to weaken and hold below the 1.2993 level, the risk is for EUR to decline further towards the 1.2733 level, its Jan 18 2012 low. A decisve clearance of here will extend bear presssure towards the 1.2620 level, its Jan 2012 low and then the 1.2587 level. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, the pair will have to break and hold above the 1.3387 level to end its broader weakness and turn attention to the 1.3484 level. A cut through here will push 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 medium term though facing bear threats.
Discover how our Daily Forex Research Trusted by Over 3,000 Traders can help you make easy and smart trading decisions.
