EURUSD: Although EUR is seen recovering, we will like to see the pair break and hold above the 1.4696 level, its Jun 07’2011 high to convince the market of an end to its weakness. In such a case, the 1.4938 level, its 2011 high will be aimed at with a break targeting its 2009 high at 1.5140. Its daily RSI is bullish and pointing higher suggesting further gains. Alternatively, on further decline and a break of its Jun 10’2011 low at 1.4321 , more downside risk will build up towards the 1.4183 level, its May 27’2011 low and possibly lower. All in all, EUR may be recovering but remains susceptible to the downside. ... (full story)