Price hesitation above its falling trendline continues to be seen suggesting how vulnerable EUR is at that level.The big challenge is for it to hold above its falling trendline and break and close above the 1.4534/19 levels. If this occurs, further strength will develop towards 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. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the 1.4398 level comes in as the initial support with a loss of there allowing for a run at the 1.4256 level and then the 1.4053 level. A loss of there will target the 1.3837 level, its July 12'2011 low and subsequently its Mar 06'2011 low at 1.3751. All in all, having maintained above its falling channel, risk remains higher towards the 1.4534/19 level.

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