EURUSD: As a clearance of its two key supports at its YTD/July'09 lows at 1.3851/31 and the 1.3747/33 levels, its Jun 16'09 low/.50 retracement (1.2328-1.5143 rally) have been achieved, further downside weakness now targets its psycho level at 1.3600. A follow-through lower on its Thursday weakness continues to be seen pushing the pair to a low of 1.3646 in early trading today. Continued weakness will target support located at its .61 Fib retracement/May 18'09 low at 1.3422/09 where a cap may be seen thereby triggering a recovery higher. Its daily and weekly studies are bearish and pointing lower suggesting further weakness. Alternatively, on any recovery higher from its current price levels, its just invalidated support at 1.3747/33 levels and the 1.3851/31 levels will be aimed at which are expected to reverse roles and provide resistance. Further out, the 1.4025/28 levels, its Jan 21'10 low/Feb 03'10 high and the 1.4194 level, its Jan 25'10 high come as the next resistance. On the whole, having decisively violated its key supports and triggered the resumption of its declines from the 1.5143 level, lower level prices continue to be seen.

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