EURUSD: EUR may have closed marginally lower the past week but continues to hold on to its downside pressure. However, note that a consolidation with a recovery higher may occur as long as the 1.1016 level remains as support. Support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. Its weekly RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance is seen at 1.1200 level with a cut through here opening the door for more downside 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, EUR remains biased to the downside in the short term.

By fxtechstrategy.com