EURUSD: With EUR decisively violating the 1.2620 level the past week, it is entering the new week vulnerable. While holding below here, the risk is for it to weaken further possibly towards the 1.2479 level. A cut through there will allow for more declines towards the 1.2300 level and then its distant 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 1.2824 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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