EURUSD Tumbles Lower On Loss Of Upside Momentum

9 June 2016, 18:50
FXTechstrategy
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EURUSD: The pair tumbled lower on Thursday following a loss of upside momentum. This development leaves EURUSD targeting further downside pressure in the days ahead. Support lies at the 1.1300 level. Further down, support comes in at the 1.1250 level where a violation will aim at the 1.1200 level. A break of here will target the 1.1150 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1400 level with a cut through here opening the door for more upside pressure towards the 1.1450 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. All in all, EURUSD faces further move lower on weakness.

 

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