EURUSD: Although EUR pulled back to close lower the past week, it continues to hold on to most of its corrective gains. This suggests that on ending its bear threats, a return to the 1.3125 level is likely. Above here will call for a run at the 1.3171 level with a breach of here resuming its broader uptrend towards the 1.3282 level. Its weekly RSI is bullish and pointing higher supporting this view. On any pullback back from its present price levels, support lies at the 1.2822 level. Below here stands another support at the 1.2660 level with a cut through there calling for a run at the 1.2498 level where a break will aim at the 1.2400 level. All in all, EUR still faces further upside threats though backing off higher prices.
