EURUSD: With a respite yet to be seen, risk continues to point lower suggesting we may see a retest of its 2009 low at 1.2456. Its medium term bearish structure remains supportive of this view. However, before that huge support level stands another one at its Mar 08'09 low at 1.2555. Furthermore, the 1.2456 level is a major support level and should offer a significant support if tested. On the contrary, having declined fast with much momentum, caution should be exercised at this point as a bounce may occur though such evidence is not on the chart that this will happen yet. But, if a bounce eventually occurs, we have three targets on the upside to offer resistance. The first is its just eroded support at the 1.2884 level. The second is the 1.3000 level, its psycho level while the last comes in at the 1.3113 level, its April 28'10 low. The first two mentioned levels should reverse roles and provide support thus turning the pair lower again. Its daily studies are bearish and pointing lower supporting this bearish view. All in all, EUR's bearish momentum remains intact as it looks to weaken further.