February 23, 2012 2:00 AM GMT
EURUSD is facing 1.3320 resistance, a break above this level could trigger another rise to 1.3500 zone. On the downside, as long as 1.3320 resistance holds, the rise from 1.2975 is treated as correction of the downtrend from 1.3320, and another fall towards 1.2800 could be expected. Support is at 1.3185, a breakdown below this level could signal resumption of the downtrend.
EUR/USD's decline extended further as expected as reached as low as 1.2496. The break of 1.2625 confirmed resumption of whole fall from 1.4939. Initial bias remains on the downside this week.
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