July 30, 2015
EURUSD: Sees Price Extension, Eyes The 1.0800 Level
EURUSD: With EUR extending its price weakness during Thursday trading session, threats of further downside pressure is envisaged. Support lies at the 1.0850 level where a violation will aim at the 1.0800 level. A break of here will aim at the 1.0750 level with a turn below that level targeting the 1.0700 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, 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 1.1100 level. All in all, EUR remains biased to the downside in the medium term.
