Weekly Technical Strategist On EURUSD
I don't think that 1.1000 levels will be easy to see again (unless some major surprise happens)
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EURUSD: Resumes Broader Weakness
EURUSD: With EUR breaking down through its key support located at the 1.1096 level the past week, further downside pressure is envisaged. However, we a think a recovery higher on the back of its recent weakness should occur in the new week. Support is seen at 1.0750 level with a cut through here opening the door for more downside towards the 1.0700 level. Further down, support lies at the 1.0650 level where a break will expose the 1.0600 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.0900 level where a violation will aim at the 1.0950 level. A break of here will aim at the 1.1000 level, its psycho level with a turn below that level targeting the 1.1050 level. Further out, resistance comes in at the 1.1100 level. All in all, EUR remains biased to the downside in the medium term with eyes on key support.