EURUSD: Although hesitating, EUR remains biased to the upside with eyes on the 1.3322 level traded on Feb 09’2012. A break of here will aim at the 1.3375 level, its Dec 12’12 high followed by its Dec 02’2011 high at 1.3547. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, the risk is for EUR to return below the 1.3026 level, Feb 06’2012 low followed by the 1.2975 level. A breach of there will set the stage for further declines towards the 1.2930 level, its Jan 25’2011 low. Below here will call for more declines towards its Jan 23’2012 low. All in all, the immediate risk remains higher with the risk of retargeting the 1.3322 Level.
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