EURUSD: EUR extended its corrective downside the past week suggesting further declines could follow in the new week. Support lies at the 1.3100 level followed by the 1.3000 level where a halt could occur and turn it higher. However, if this level breaks, expect further declines to happen towards the 1.2900 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, to annul its present weakness, the pair will have to return above the 1.3710 level, a very tough task at its present price levels. A violation will open the door for more upside towards the 1.3800 level and then the 1.3850 level. All in all, EUR continues to retain its corrective downside bias.
