EURUSD: Having closed lower for a second week in a row, the risk is for a follow through lower to occur. In such a case, further downside will target the 1.2906 level, its trendline support. Below here will call for a run at the 1.2800 level where a break will aim at the 1.2700 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to return above the 1.3150 level to halt its present weakness. This could force further upside towards the 1.3242 level and then the 1.3415 level. This if seen will expose the 1.3450 level with a cut through here targeting the 1.3550 level. All in all, EUR continues to retain its short term downside bias.
