With a third day of downside weakness now underway, the pair looks to follow-through lower towards its psycho level at 1.3000.That level is expected to provide a strong support thus turning the pair back up again. However, On continued weakness, EUR should target further downside prices towards its .382 Fib Ret(1.1875-1.3332 rally) at 1.2782. Its daily RSI is bearish and pointing lower supporting this view. On the upside, a return above the 1.3332 level will have to occur to trigger the resumption of its short term uptrend towards its .50 Fib Ret (1.5143-1.1875 decline) at 1.3500 ahead of the 1.3691 level, its April 12'10 high. Overall, though still retaining its short term uptrend started from the 1.1875 level, it presently faces corrective bear pressure.
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