With EUR tumbling off the 1.4550 level and wiping out its two-week gains to close lower for the week, the pair remains on the defensive as we enter a new week. This will leave further downside risk targeting the 1.4102 level, its Aug 11'2011 low with a breach setting the stage for run at the 1.4053 level, its Aug 05'2011 low. On further price extension, the pair will aim at the 1.3837 level, its July 12'2011 low and subsequently its Mar 06'2011 low at 1.3751. Both its daily and weekly RSI are bearish and pointing lower suggesting further declines. On the upside, the risk to the pair's present downside outlook will be a return above the 1.4496 level, marking its Aug 26'2011 high. Above here if seen will pave the way for a move further higher towards the 1.4550 level where a breach will aim at the 1.4696 level, its Jun 07'2011 high and next the 1.4938 level, its 2011.

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