EURUSD: Risk Continues To Point Lower On Bearishness

4 September 2016, 15:50
FXTechstrategy
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EURUSD: Having EURUSD closed lower on corrective pullback, more weakness is likely. 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 supporting this view.  Conversely, on the upside, resistance comes in at 1.1200 level with a cut through here opening the door for more upside towards the 1.1250 level. Further up, resistance lies at the 1.1300 level where a break will expose the 1.1350 level. All in all, EURUSD remains biased to the downside on weakness

 


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