EURUSD - Bearish below 1.3426

More PIA-first, 4 days ago06 December 2011 Initial gains in EURUSD yesterday stalled and reversed close to 1.3500. The result was an almost unchanged close and this highlights investor indecision. However, it is the upside rejection that is considered the key element especially with Asia seeing investor selling. In view of this, and despite oversold intraday extremes, our call is Bearish below 1.3426. The immediate objective is 1.3356 with a move below that point targeting 1.3315, last Wednesday’s open, or even towards that day’s 1.3258 base.
The risk to this call is that oversold extremes begin to correct earlier and higher than currently assessed. This would be signalled by a move above 1.3426 with subsequent upside targeting 1.3453 then yesterday's 1.3488 peak.