EURUSD Sets Up To Weaken Further On Loss Of Momentum

17 July 2016, 15:40

EURUSD: With the pair rejecting higher price to close almost flat the past week, more weakness is expected in the new week. Support lies at the 1.1000 level. Further down, support comes in at the 1.0950 level where a violation will aim at the 1.0900 level. A break of here will target the 1.0850 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1100 level with a cut through here opening the door for more upside towards the 1.1150 level. Further up, resistance lies at the 1.1200 level where a break will expose the 1.1250 level. All in all, EURUSD remains biased to the downside in the medium term.


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