The EUR/USD pair closed lower the past week leaving risk of more weakness in the cards. We face price hesitation with a move higher in the new week.

On the upside, resistance comes in at the 1.2300 level with a cut through here opening the door for more upside toward the 1.2350 level.

Further up, resistance lies at the 1.2400 level where a break will expose the 1.2450 level. Conversely, support lies at the 1.2200 level where a violation will aim at the 1.2150 level. A break of here will aim at the 1.2100 level. Below here will open the door for more weakness towards the 1.2050.

Its weekly RSI is bearish and pointing lower suggesting more weakness. All in all, EUR/USD faces further pullback threats.