EURUSD: EUR continues to retain it bearish short term outlook despite its current attempt at triggering corrective recoveries. With that attempt stalling at the 1.4194 level followed with a marginal lower close on Monday, a retarget of its hammer low at 1.4028 could be shaping up where a break will activate the resumption of its short term downtrend towards its July 08'09 low at 1.3831 and next the 1.3747 level, its Jun 16'09 low. Its weekly studies are bearish and pointing lower supporting this view. However, if its corrective recovery off the 1.4028 level activated the past week resumes, we could see further strength towards the 1.4216/62 level s where a reversal of roles is expected to turn the pair back down again but if that zone is eroded, EUR should develop additional power towards the 1.4413 level, its Jan 19'10 high and possibly higher towards the 1.4578 level, its Jan 13'10 high. On the whole, while EUR holds below the 1.4216/62 levels or even the 1.4478 level, its short term weakness started from the 1.5143 level remains to the downside.
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