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EURUSD: Bearish Medium Term But With Caution
EURUSD: With EUR continuing to maintain its broader downside pressure, further downside pressure is expected. However, we think a recovery higher may follow after its Friday recovery attempt (see daily chart). Support is seen at 1.1753 level with a cut through here opening the door for more downside towards the 1.1700 level. Further down, support lies at the 1.1650 level where a break will expose the 1.1600 level. Below here will pave the way for a move lower towards the 1.1550 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1900 level where a violation will aim at the 1.1950 level where a break will aim at the 1.2000 level, its psycho level followed by the 1.2050 level. Further out, resistance comes in at the 1.2100 level. All in all, EUR remains biased to the downside in the medium term.
UNPARALLELED ANALYSIS covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP, USDCAD, USDCHF, GBPJPY, EURCHF and 5 Commodities Daily.GET YOUR ANALYSIS & TRADE ALERTS
Source: http://blog.fxtechstrategy.com/eurusd-bearish-medium-term-but-with-caution/
