EURUSD: With EUR weakening to close the week lower on Friday, risk remains lower as it enters the new week. Despite its Friday recovery higher seen on the daily chart, its broader medium term risk points lower. This leaves downside risk towards the 1.2286 level where a violation will pave the way for a run at its key support located at the 1.2149 level. Its weekly RSI is bearish and pointing lower supporting this view. Alternatively, the pair will have to break and hold above the 1.2620 level and the 1.2824 level to annul its present downside and bring further upside gain towards the 1.3000 level. Further out, resistance resides at its April 14’2012 high at 1.3146. All in all, EUR remains biased to the downside medium term.
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