EURUSD Turns Off Higher Prices, Faces Bear Threats
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EURUSD: EUR lost upside momentum during Tuesday trading session today leaving risk of further downside pressure on the cards. A follow through lower is expected to create scope for more weakness which is consistent with its short term downtrend. Support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level triggering a move towards the 1.0950 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance is seen at 1.1200 level with a cut through here opening the door for more downside towards the 1.1250 level. Further up, resistance lies at the 1.1300 level where a break will expose the 1.1350 level. All in all, risk remains biased to the downside in the short term