EURUSD: Sets Up For More Bear Pressure

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FXTechstrategyTeam
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FXTechstrategyTeam  

EURUSD: Having EUR closed slightly lower the past week on a rejection candle print, it faces additional weakness in the new week. This view remains valid as long as the pair can trade and hold below its key resistance zone at 1.1459/94 level. Support lies at the 1.1300 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1250 level with a turn below that level targeting the 1.1200 level. Below here will shift attention to the 1.1150 level. Conversely, resistance is comes at 1.1400 level with a cut through here opening the door for more upside towards the 1.1459 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. All in all, EUR remains biased to the downside after failing at 1.1494 level the past week

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