Having continued to weaken on correction and threatening the 1.4282 level, EUR could face more bear threats in the days ahead. However, if it can hold above the 1.4242 and the 1.4142 level, upside risk will shape towards the 1.4578 level, its July 03'2011 high. An eventual violation of that level will target the 1.4696 level, its Jun 07'2011 high. Further out, the 1.4938 level, its 2011 high comes in as the next upside target. Conversely, the risk to our analysis will be a continued weakness and a return to the 1.3837 level where a decisive break will resume its short term weakness towards its Mar 06'2011 low at 1.3751. Further support lies at the 1.3700 level, its psycho level.

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