EUR/USD: The Euro extended its downside pressure the past week leaving risk of more weakness on the cards. On the downside, support is located at the 1.0900 level and if violated, expect more weakness to happen towards the 1.0850 level. Further down, support lies at the 1.0800 level where a violation will aim at the 1.0750 level. A break of here will aim at the 1.0700 level.
Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance is comes at 1.1000 level with a cut through here opening the door for more upside towards the 1.1050 level. Further up, resistance lies at the 1.1100 level where a break will expose the 1.1150 level. All in all, EUR/USD faces further bearish pressure on sell off.
Leave A Comment