EURUSD: Biased To Upside On Recovery.
EURUSD: Having EUR taken back most of its previous week losses to close higher the past week, we could see more recovery occurring. This development leaves risk higher in the new week though with caution. Support lies at the 1.0900 level where a violation will aim at the 1.0850 level. A break of here will aim at the 1.0600 level with a turn below that level targeting the 1.0550 level. Resistance is seen at 1.1050 level with a cut through here opening the door for more downside towards the 1.1100 level. Further up, resistance lies at the 1.1150 level where a break will expose the 1.1200 level. All in all, EUR remains biased to the downside medium term.
