EURUSD: Bear Pressure Sets Up For The 1.3050 Level

EURUSD: A sell off the past week saw EUR turning below the 1.3242 level and reversing its previous week gains. This development now leaves the pair targeting the 1.3000 level and then the 1.2900 level on further downside. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to return above the 1.3242 level and the 1.3415 level to take back its last week losses. 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 medium term upside bias but now faces corrective weakness