The pair may have halted its six-day decline on Wednesday but continues to maintain its corrective tone set from the 1.4550 level.This leaves the possibility of a return to the 1.3973 level, its Sept 06'2011 low imminent. Below here will activate further declines towards the 1.3837 level, its July 12'2011 low and subsequently its Mar 06'2011 low at 1.3751. Alternatively, resistance stands at the 1.4283 level, its Sept 06'2011 high where a break will bring further upside gains towards the 1.4325 level, its trendline resistance. A turn back lower could happen here but if this fails to occur, further strength should build up towards the 1.4550 level where a breach will aim at the 1.4696 level, its Jun 07'2011 high and next the 1.4938 level, its 2011. All in all, EUR remains biased to the downside nearer term on correction

Daily