EURUSD: Retains Its Broader Downside Bias But With Caution

18 December 2016, 14:12

EURUSD: The pair continues to hold on to its downside pressure leaving risk lower in the new week. However, we could see a mild price recovery higher. On the down, support lies at the 1.0400 level where a violation will aim at the 1.0350 level. A break of here will aim at the 1.0300 level. Its daily RSI is bearish and pointing suggesting further weakness. Conversely, on the upside, resistance comes in at 1.0500 level with a cut through here opening the door for more upside towards the 1.0550 level. Further up, resistance lies at the 1.0600 level where a break will expose the 1.0650 level. All in all, EURUSD faces further Downside pressure.


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