EUR/USD: Looks To Weaken Further On Bear Pressure

With EUR/USD closing lower the past week, further weakness is envisaged in the new week. Support lies at the 1.1150 level. Further down, support comes in at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will target the 1.1000 level. Its weekly RSI is bearish and pointing lower supporting this view.

Conversely, on the upside, resistance comes in at 1.1300 level with a cut through here opening the door for more upside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level.. All in all, EUR/USD remains biased to the downside on corrective pullback.

 

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.