Despite its present recovery attempt, our outlook on EUR remains slightly lower as long as it continues to hold below its short term falling trendline (at 1.4481, red) and the 1.4534/76 levels.This leaves risk to the downside towards the 1.4014 level with a break below here exposing the 1.3837 level, its July 12'2011 low followed by its Mar 06'2011 low at 1.3751 and subsequently the 1.3700 level, its psycho level. Alternatively, to avoid this from happening, the pair will have to return above its short term falling trendline and the 1.4534/76 levels. This if seen will pave the way for a run at the 1.4696 level, its Jun 07'2011 high. Further out, the 1.4938 level, its 2011 high comes in as the next upside target.