EURUSD: With a sharp sell off occurring the past week, further downside is likely. This leaves the pair targeting the 1.2750 level with a turn below here shifting attention to the 1.2700 level and then the 1.2600 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to return above the 1.3000 level to halt its present weakness. This could force further upside towards the 1.3100 level and then the 1.3200 level. All in all, EUR continues to retain its downside bias.