EURUSD: Violates Support To Resume Downside Pressure.
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EURUSD: With EUR taking out its support at the 1.2955 level to close lower on Tuesday and extending that weakness during early trading today, more decline is expected. Further down, support lies at the 1.2850 level followed by the 1.2750/35 levels, its key support levels. A cut through here will extend its bearishness towards the 1.6.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.3050 level where a violation if seen will aim at the 1.3150 level. Further out, resistance resides at the 1.3242 level. A cut through here will resume its medium term uptrend and call for a run at the 1.3300 level. A clearance of this level will pave the way for a run at the 1.3350 level. All in all, EUR continues to retain its medium term downside bias having violated its support.