EURUSD Looks To Extend Downside Pressure On Sell-Off

28 August 2016, 17:36
FXTechstrategy
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EURUSD: Having EURUSD sold off the past week, further downside pressure is expected. Support lies at the 1.1100 level. Further down, support lies at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will aim at the 1.0950 level. Its weekly RSI  is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1200 level with a cut through here opening the door for more upside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level. All in all, EURUSD remains biased to the downside on more weakness

 


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