EURUSD: Risk Builds On 1.1096 Level

(Before It's News)

EURUSD: With EUR breaking down out of its consolidation range to close lower the past week, risk now builds on its key support located at 1.1096 level. We expect that level to give in for the pair resume its broader downside pressure. However, this might not happen first test. Support is seen at 1.1100 level with a cut through here opening the door for more downside towards the 1.1050 level. Further down, support lies at the 1.1000 level where a break will expose the 1.0950 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1250 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1400 level, its psycho level with a turn below that level targeting the 1.1450 level. Further out, resistance comes in at the 1.1500 level. All in all, EUR remains biased to the downside in the medium term with eyes on key support.

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