EURUSD: Pressure Builds Up On 1.0909 Level

16 October 2016, 16:34
FXTechstrategy
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EURUSD: The pair sold off the past week, opening the door for more weakness to occur. Support lies at the 1.0900 level. Further down, support lies at the 1.0850 level where a violation will aim at the 1.0800 level. A break of here will aim at the 1.0750 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1050 level with a cut through here opening the door for more upside towards the 1.1100 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. All in all, EURUSD faces further downside risk.

 


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