Weekly Technical Strategist On EURUSD
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EURUSD: Faces Downside Pressure
EURUSD: With EUR closing marginally lower on a price rejection candle formation, further downside pressure is envisaged. Support is seen at 1.1250 level with a cut through here opening the door for more downside towards the 1.1200 level. Further down, support lies at the 1.1150 level where a break will expose the 1.1110 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1350 level where a violation will aim at the 1.1300 level where a break will aim at the 1.1400 level, its psycho level followed by the 1.1450 level. Further out, resistance comes in at the 1.1500 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term.