June 5, 2016
EURUSD: With EURUSD taking back its two-week losses to close on a rally the past week, more strength is envisaged in the new week. Support lies at the 1.1300 level. Further down, support comes in at the 1.1250 level where a violation will aim at the 1.1200 level. A break of here will target the 1.1150 level. Conversely, on the upside, resistance comes in at 1.1400 level with a cut through here opening the door for more upside towards the 1.1450 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, EURUSD remains biased to the upside on more strength.
By FXTechstrategy.com
