With a fourth week of declines pushing the further lower the past week, pressure is now building up on its key support located at the 1.3144 level, its Oct'2011 low. This is coming on the heels of a loss of its Oct 10'2011 low at 1.3377. On a violation of the 1.3144 level, the pair will aim at its psycho level at 1.3000. We may see a respite and a possible recovery higher if this level is seen. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the other hand, on any recovery higher, the pair should target the 1.3419 and 1.3611 levels. However, it will have to break and hold above the 1.3866 level, its Nov 04'2011 high and the 1.4241 level, its Oct 27'2011 high to end its present bear threats and bring further gains towards the 1.4342 level, its daily falling trendline. Further out, resistance resides at the 1.4550 level, representing its Aug 29'2011 high. All in all, with the short term downtrend intact, EUR looks to weaken further in the new week.

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