EURUSD: With a break below its 2010 low at 1.3530 seen and a resumption of its medium term declines initiated from the 1.5143 level activated, our focus is now on its .61 Fib Ret/May 18'09 low at 1.3422/09. Beyond that level should bring its Jun 03'09 low at 1.3211 into focus and possibly lower. Its daily and weekly studies are bearish and pointing lower suggesting further weakness. On the upside, any recovery higher from its current price level should initially target its support turned resistance at 1.3530 where a cap is expect to turn EUR back down again. Other upside targets are located at the 1.3654 level, its Feb 18'10 high and its Feb 17'10 high at 1.3787 followed by the 1.3831/51 level (July 08'09/Feb 09'10 high). We expect that zone to reverse roles and provide resistance.

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