As EUR remains vulnerable after ending its recent corrective recovery at the 1.3282 level, further decline is likely. This development leaves the pair aiming at the 1.2993 level. Below here will open the door for a run at the 1.2879 level, its Jan 23'2011 low. As long as the 1.3387 level remains as resistance this view remains intact. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, the pair will have to break and hold above the 1.3387 level to end its broader weakness and turn attention to the 1.3484 level. A cut through here will push the pair further higher towards its Dec 02'2011 high at 1.3547. Further out, price extension if seen will aim at its weekly 200 ema at 1.3642. All in all, EUR remains biased to the downside medium term

Daily