As continued weakness saw EUR following through lower the past week, risk of further weakness in new week is likely. In such a case, the 1.3300 level will be targeted at first ahead of the 1.3245 level, its Jan 17'2011 low and then its bigger support standing at 1.2874 level, its Jan'2011 low. EUR has been under intense pressure since tumbling off the 1.4938 level in May'2011 and with its weekly studies bearish and pointing lower, further weakness is enviaged. Alternatively, the 1.3799 level, its Sept'2011 high will have to be taken out to reduce its present weakness and possibly bring further strength towards the 1.3835 level. A reversal of roles as resistance is expected to turn the pair back down at the 1.3835 level in the direction of its medium term weakness. Further out, resistance resides at the 1.3936 level, its Sept 09'2011 high. All in all, EUR remains week and vulnerable to the downside on further medium term weakness.

Weekly