EURUSD: Broader Outlook Lower Below The 1.1288/1.1318 Zone

6 October 2015, 14:05
FXTechstrategy Team
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EURUSD: With EUR taking back all of its intra day gains to close lower on Monday, further weakness is now envisaged. Despite its current price hesitation, its broader outlook remains lower as long as it holds below the 1.1288/1.1318 zone. On the downside, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will turn risk to the 1.1000 level with a move below that level targeting the 1.0950 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance is seen at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. All in all, EUR remains biased to the downside towards its key support.

 


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