EURUSD: Threatens Further Recovery Higher

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FXTechstrategy.com
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FXTechstrategy.com  
EURUSD: The pair rejected lower prices on Wednesday to close higher. This development leaves EURUSD faced with consolidation risk with upside bias. Support lies at the 1.1100 level. Further down, support lies at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will aim at the 1.0950 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1200 level with a cut through here opening the door for more upside 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, EURUSD remains biased to the downside on bear threats.

 


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