EURUSD: EUR remains vulnerable and continues to weaken suggesting a return to the 1.2975 level. This is coming on the back of a break of the 1.3078 level. On continued weakness, the pair will aim at the 1.2930 level, its Jan 225’2011 low with a cut through there allowing for further declines towards the 1.2879 level. Its daily RSI is bearish and pointing lower supporting this view. The alternative scenario will be for EUR to return above the 1.3484 level, its Dec 05’2011 high. This will resume its uptrend and call for a push towards its Dec 02’2011 high at 1.3547 where a breach will target its weekly 200 ema at 1.3642. All in all, EUR remains vulnerable to the downside.
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