Weekly Technical Strategist On EURUSD
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EURUSD: Vulnerable On Price Failure
EURUSD: With EUR closing almost flat the past week, it faces downside risk as long the 1.1051/96 levels cap. Resistance is seen at 1.0950 level with a cut through here opening the door for more downside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1096 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.0800 level where a violation will aim at the 1.0750 level. A break of here will aim at the 1.0700 level with a turn below that level targeting the 1.0766 level, its Mar 23’2015 low . All in all, EUR remains biased to the upside on correction though seen hesitating on Tuesday.