EURUSD: Follows Through Lower, Set To Target The 1.2879 level EURUSD: With EUR weakening further the past week, further decline is likely towards the 1.2879 level, its Jan 23’2011 low. This is coming on the back of its second week of downside weakness. On a violation of the 1.2879 level, the 1.2700 level will be aimed at. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to break and hold above the 1.3282 level and the 1.3387 level to end its present bear threats and set the stage for further corrective recovery. This will leave the pair targeting the 1.3484 level with a cut through here pushing it further higher towards its Dec 02’2011 high at 1.3547. All in all, EUR remains biased to the downside on further weakness.
