With EUR maintaining its bearish tone the past week, the risk is for more weakness to occur. This will open the door for more weakness towards the 1.3003 level, its Mar 15'2012 low. This is coming on the back of a violation of the 1.3134 level. On further weakness, the 1.2975 level will be aimed at followed by the 1.2879 level, its Jan 23'2011 low. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the other hand, to annul its present downside pressure, the pair will have to break and hold above the 1.3387 level. This will leave the pair targeting the 1.3484 level with a cut through here pushing the pair further higher towards its Dec 02'2011 high at 1.3547. Further out, price extension if seen will aim at its weekly 200 ema at 1.3642. All in all, EUR remains biased to the downside having continued to maintain a nearer term bearish tone.
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