EURUSD: Sells Off On Price Failure, Set To Weaken Further (Technical Focus).

EURUSD: With the pair’s inability to overcome its falling trendline resistance seeing it tumbling lower in today’s trading session, risk of further weakness is now expected. On continued weakness, EUR will aim at the 1.4053 level with a loss of there targeting the 1.3837 level, its July 12’2011 low and subsequently its Mar 06’2011 low at 1.3751. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, EUR will have to climb back above its falling trendline and the 1.4519 level to reverse its present weakness. This will restart its recovery activated from the 1.3837 level towards the 1.4534/76 levels. A turn above this zone will pave the way for a run at the 1.4696 level, its Jun 07’2011 high. Further out, the 1.4938 level, its 2011 high comes in as the next upside target.