EURUSD: The broader risk still remains to the upside though seen backing off higher prices. While this occurs above the 1.2442/63 level, a return above the 1.2634 level looks likely to occur. This if seen will leave the pair aiming at the 1.2692 level where a breach will target the 1.2748 level. The alternative scenario will be for the pair to return to the 1.2442 level. A reversal of roles as support is likely here but if that fails to occur the pair could weaken further towards the 1.2239 level. A clearance of here will set the stage for a move lower towards the 1.2132/17 levels. Further down, support stands at the 1.2040 level. All in all, EUR continues to face upside recovery threats.