EURUSD: Faces Further Downside Risk EURUSD: With the pair’s weakness spilling into May, there is likelihood of further declines as the month progresses. In such a case, the 1.2993 level will come in as the immediate support where a breach will pave the way for a run at 1.2620 level, its Jan 2012 low. A cut through here will set the stage for more declines towards its 200 monthly ema at 1.2536 level where a break will turn attention to its key support at the 1.2192 level. Its monthly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3378 level where a violation if seen will call for a move higher towards 1.3484 level. Further out, the 1.3872 level will come in as the next upside target. Overall, EUR remains susceptible to the downside as it looks to weaken further.
