Having closed lower for the week, EUR looks to weaken further in the new week. This is coming on the back of its inability to continue its corrective recovery. Downside risk is expected towards the 1.2441 level where a breach will open the door for more declines towards the 1.2286 level. A violation will resume its broader medium term weakness and call for a run at the 1.2149 level. EUR could turn higher on testing and holding at this level but if that breaks, further declines could shape up towards the 1.2100 level. On the upside, the 1.2748 level comes in as a level the pair must break to resume its corrective recovery now on hold. In such a case, the 1.2824 level will be targeted where a breach will call for a move further higher towards the 1.2902 level. All in all, EUR remains vulnerable to the downside medium term

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