Weekly Technical Strategist On EURUSD
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EURUSD: Recovery Risk Develops
EURUSD: With the pair closing marginally lower following its strong Friday close (see daily chart), it faces the risk of a recovery higher in the new week. If this occurs, expect more strength to occur towards the 1.2577 level. Further out, resistance resides at the 1.2700 level where a breach will aim at the 1.2770 level and possibly higher towards the 1.2800 level. On the other hand, support lies at the 1.2357 level where a break will expose the 1.2300 level. Below here will pave the way for a move lower towards the 1.2250 level. If this continues, expect further downside to occur towards the 1.2200 level. All in all, EUR remains biased to the downside in the medium term with corrective recovery risk.