EURUSD: With EUR taking out its key support at the 1.2620 level and weakening, the risk is for it to extend that weaken in the days ahead. This will open the door for a run at the 1.2479 level, July 04’2010 low with a cut through there allowing for further declines towards the 1.2300 level, its psycho level and then its distant support located at the 1.2149 level. Its daily 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. Father 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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