The pair remains weak and vulnerable as it is seen declining for a fifth day in a row following its loss of upside momentum at the 1.3322 level on Feb 09'2012. With EUR seen holding below the 1.3026 level, Feb 06'2012 low, the big risk is for continued weakness towards the 1.2930 level, its Jan 25'2011 low. Below here will call for more declines towards its Jan 23'2012 low. Its daily RSI is bearish and pointing lower supporting its current tone. The alternative scenario will be for EUR to return above the 1.3322 level, its Feb 09'2012 high where a break will aim at the 1.3375 level, its Dec 12'12 high. A breach of there will aim at its Dec 02'2011 high at 1.3547. All in all, the pair remains vulnerable to the downside on further pullbacks.
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