EURUSD Loses Upside Momentum, Vulnerable

2 January 2017, 01:30
EURUSD: The pair rejected higher prices to print a rejection candle on Friday. This development leaves risk lower in the new week on a possible price resumption. On the down, support lies at the 1.0500 level where a violation will aim at the 1.0450 level. A break of here will aim at the 1.0400 level. Its daily RSI is bearish and pointing suggesting further weakness. Conversely, on the upside, resistance comes in at 1.0550 level with a cut through here opening the door for more upside towards the 1.0600 level. Further up, resistance lies at the 1.0650 level where a break will expose the 1.0700 level. All in all, EURUSD faces further downside pressure medium term.


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