EURUSD: Maintains Downside Pressure But With Caution

22 May 2016, 15:27

EURUSD: With EURUSD weakening for a third week in a row, more downside pressure is envisaged. Support lies at the 1.1150 level. Further down, support comes in at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will target the 1.1000 level. Conversely, on the upside, resistance comes in 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, EURUSD remains biased to the downside on further weakness but could see a recovery higher in the new week.


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