EURUSD: With the pair still remaining vulnerable to the downside, the risk is for EUR to recapture the 1.2660 level. As long as the pair continues to trade an d hold below the 1.2822 level, our downside view remains intact. A cut through the 1.2660 level will call for a run at the 1.2498 level where a break will call for a move lower towards the 1.2400 level. Its weekly RSI is bearish supporting this view. On the upside, resistance resides at the 1.2822 level, its support turned resistance. A reversal of roles is likely to occur here. However, if this fails, further upside should build up towards the 1.3000 followed by the 1.3171 level. A breach of here will resume its broader uptrend towards the 1.3282 level. All in all, EUR faces further downside threats below the 1.2822 level.
