EURUSD: While we retain our consolidation to corrective bias on the pair, its Friday close may have signaled risk for further declines towards its 2010 low sited at 1.3433. That level preserves its consolidation bias mentioned above but if that level snaps, we will be in for the resumption of its broader medium term weakness triggered off the 1.5143 level in Nov'09. This will expose its Jun 03'09 low at 1.3211 and its big psycho level located at 1.3000.However, if the 1.3433 level holds and turns off the pair, we should see the continuation of its consolidation with upside objectives seen at its Mar 15'10 low at 1.3638, its Mar 17'10 high at 1.3816 and the 1.3838 level, its Feb 09'10 high with a loss of there creating scope for further upside gains towards its Feb 03'10 high sited at 1.4025. In summary, we retain our corrective and consolidation view on the pair with the risk being a break and close below the 1.3433 level.
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