EURUSD: Bearish, Faces Further Downside Pressure
EURUSD: A follow through on its previous week decline has left EUR targeting further downside. Support lies at the 1.3300 level with a break turning focus to the 1.3250 level and possibly lower towards the 1.3200 level. We may see the bulls come in here and turn the pair higher but on further decline it will push lower towards the 1.3100 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance stands at the 1.3547 level followed by the 1.3650 level where a break will aim at the 1.3710 level. Price hesitation may occur here but if violated EUR will target the 1.3800 level. Further out, resistance stands at the 1.3645 level. All in all, EUR remains biased to the upside.
