EURUSD: The pair continues to retain its vulnerability to the downside as risk of further weakness is now seen. This leaves risk to the downside possibly towards the 1.3026 level, Feb 06’2012 low. Further downside, support stands at the 1.2975 level where a breach will set the stage for further declines towards the 1.2930 level, its Jan 25’2011 low. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, EUR will have to break and hold above the 1.3484 level, its Dec 05’2011 high to resume its uptrend. This will 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 faces further downside pressure on continued corrective pullback.
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