EURUSD: Loses Upside Momentum, Vulnerable

EURUSD: With EUR declining to close the week lower, further bear threats are expected in the new week. However, we expect further declines to be capped at its rising trendline support at 1.2928 level. This if seen should push the pair back up towards the 1.3144 level where a violation will call for a run at the 1.3307 level. Further out, resistance resides at the 1.3350 level followed by the 1.3400 level. Conversely, a turn below its trendline support and its 200 daily ema at 1.2944/21 levels could force further weakness. Further down, support comes in at the 1.2900 level and then the 1.2850 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, EUR continues to retain its broader medium term upside bias though facing bear threats.