Weekly Technical Strategist On EURUSD
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EURUSD: Halts Weakness, Targets Further Upside
EURUSD: With EUR halting its decline and turning higher at the end of the week, further strength is envisaged in the new. However, EUR will have to break and hold below the 1.2393 level to resume its weakness. On the other hand, support lies at the 1.2300 level where a break will expose the 1.2250 level. Below here will pave the way for a move lower towards the 1.2200 level. On the upside, resistance lies at the 1.2600 level where a break will aim at the 1.2650 level, its psycho level followed by the 1.2700 level. Further out, resistance comes in at the 1.2750 level. All in all, EUR remains biased to the downside in the medium term.