EURUSD: Faces Corrective Risks.

Jan 18, 2012
EURUSD: Though weak and vulnerable following its two-week bear threats, as long as it holds above its rising trendline, a recovery higher is likely. However, on continued weakness, support lies at the 1.3200 level followed by the 1.3136 level with a turn below here shifting focus to the 1.3050 level and then the 1.3000 level. Conversely, a halt in its present weakness could force upside towards the 1.3250 level. Above here will aim at the 1.3451 level. A break through here will set the stage for more strength towards the 1.3500 level with a break resuming its broader upside and turning attention to the 1.3550 level. Further out, resistance resides at the 1.3600 level. All in all, EUR remains biased to the upside though correcting.