Daily Technical Strategist on EURUSD
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EURUSD: Builds Up Upside Momentum
EURUSD: With EUR reversing its Wednesday losses on Thursday, further upside pressure is envisaged. Support is seen at 1.1400 level with a cut through here opening the door for more downside towards the 1.1350 level. Further down, support lies at the 1.1300 level where a break will expose the 1.1250 level. Its daily RSI has turned higher supporting this view. On the upside, resistance lies at the 1.1500 level where a violation will aim at the 1.1550 level where a break will aim at the 1.1600 level, its psycho level followed by the 1.1650 level. Further out, resistance comes in at the 1.1700 level. All in all, EUR remains biased to the downside in the medium term but faces recovery threat.