EURUSD: Having halted its declines the past week, the pair may have signaled a temporary bottom may be forming. If this is confirmed, further upside offensive could develop towards the 1.3483 level. A breach will pave the way for move further higher towards its Dec 02’2011 high at 1.3547 where a violation will target its weekly 200 ema at 1.3642. Conversely, the risk to this analysis will be a return to the 1.3003 level traded the past week followed by the 1.2975 level where a break if seen will push the pair further lower towards the 1.2879 level, its Jan 23’2011 low . Further down, support lies at the 1.2620 level. All in all, EUR remains vulnerable to the downside though halting its weakness.
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