With the cross violating its key support located at 127.08 level to close lower the past week, further declines are expected in the new week. Further down, support lies at the 124.50 level and then the 122.02 level, its Jan 25'2012 high. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, the cross will have to break and hold above the 127.08 level and then the 131.77 level, its April 25'2012 high to end its present weakness. This will bring further gains towards the 133.46 level. Further out, the 135.09 level comes in as the next resistance. All in all, the cross remains biased to the downside as it looks to weaken further.

Weekly