Although EUR remains vulnerable to the downside on price hesitation, as long as it holds above the 1.4053/14 levels, its corrective recovery risk remains higher. However, it will have to break and hold above the 1.4534 level and the 1.4578 level to trigger further recovery gains towards the 1.4696 level, its Jun 07'2011 high and subsequently the 1.4938 level, its 2011 high. On the other hand, on a follow through lower on its past week losses, the 1.4014 level, its July 18'2011 will be targeted ahead of the 1.3837 level. This if seen will resume its short term weakness towards its Mar 06'2011 low at 1.3751 and possibly lower. All in all, EUR remains biased to the upside in the long term but requires a clearance of the 1.4938 level to trigger that trend.

"Weekly