EURUSD: Retains Broader Downside Bias With Trend Resumption Risk

26 December 2016, 01:20
FXTechstrategy
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EURUSD: The pair continues to face downside pressure medium term as it looks to resume is its broader weakness presently on hold. 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 1.0670 level. All in all, EURUSD faces further downside pressure in the medium term despite price hesitation.

 


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