The pair may have printed a hammer candle the past week halting its weakness at 1.3482 to close marginally lower but continues to remain vulnerable.This leaves downside risk towards the 1.3604 level and its past week low at 1.3482 level where a violation will resume its weakness towards its Oct 10'2011 low at 1.3377 and then the 1.3144 level, its Oct'2011 low. Its weekly RSI is bearish and pointing lower suggesting further weakness. Alternatively, the pair will have to break and hold above the 1.4241 level, its Oct 27'2011 high to end its present bear threats and bring further gains towards the 1.4342 level, its daily falling trendline and subssequently, the 1.4550 level, representing its Aug 29'2011 high. All in all, with EUR bearish and targeting further downside, risk remains lower towards the 1.3482 level.
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