EURUSD: As downside pressure continues to mount on the pair, risk of a retest of the 1.3280 level, its April 08’10 low and the 1.3266 level, its 2010 low is likely. This is coming on the heels of a loss of momentum at the 1.3691 level, its April 12’10 low. We expect a cap at the 1.3280/66 zone, but if it snaps, lower prices should follow towards 1.3211 level and next its psycho level at 1.3000. Alternatively, the pair will have to trade above its April 12’10 high at 1.3691 to reverse its current weakness and bring further recovery towards its Mar 17’10 high at 1.3816 and subsequently its Feb 03’10 high at 1.4025. The latter should cap gains on an initial test and then turn the pair lower again. In a summary, with pressure on the downside remaining intact, EUR should head further lower towards the 1.3280/66 levels.
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