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EURUSD: Although EUR turned back lower the past week after failing to follow through on the back of its previous week gains, it remains trapped in a consolidation range (watch out for a head and shoulders formation on the daily chart). A reversal of its past week decline could occur if it fails to follow through on its current bearishness. This will open up further upside risk towards the 1.3242 level in the new week. Further out, resistance resides at the 1.3300 level where a break will call for a run at the 1.3350 level. Above here will create scope for more upside towards the 1.3400 level. The alternative scenario will be a return to the 1.2955 level where a breach will call for a run at the 1.2850 level. Below here will aim at the 1.2750/35 levels, its key support levels. All in all, EUR continues to retain its short term upside bias despite consolidation risk.