EURUSD: Looks To Strengthen Further With Caution

EURUSD: Looks To Strengthen Further With Caution

2 May 2016, 07:47
Roberto Jacobs
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EURUSD: Looks To Strengthen Further With Caution

EURUSD: With EURUSD closing higher the past week, further recovery is envisaged. However, it faces its key over head resistance located at 1.1464 level. Support lies at the 1.1400 level. Further down, support comes in at the 1.1350 level where a violation will aim at the 1.1300 level. A break of here will target the 1.1250 level. Conversely, on the upside, resistance comes in at 1.1500 level with a cut through here opening the door for more upside towards the 1.1550 level. Further up, resistance lies at the 1.1600 level where a break will expose the 1.1650 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, EURUSD remains biased to the upside but with caution.


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