EURUSD: Vulnerable On Correction.
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EURUSD: EUR remains vulnerable as it is now trading at its rising trendline support at 1.3209 level. This level must hold to prevent a deeper weakness and possibly see the pair eventually return to the 1.3434 level. Above here will pave the way for a run at the 13519 level followed by its major resistance standing at the 1.3716 level. Above here should force further upside towards the 1.3800 level and then the 1.3850 level. On the downside, support is seen at the 1.3209 level, its trendline support where a violation will call for a run at 1.3150 level and then the 13100 level. We expect this level to reverse roles as support and turn the pair higher again. But if this fails to occur, further weakness could develop. All in all, EUR continues to retain its broader medium term upside bias.