EURUSD: Retains Recovery Tone, Targets More Strength

By FXTechstrategy Team of FXTechstrategy.com

Forex Trades • Aug 16, 2015 at 11:56 AM EDT

With EUR seeing closing higher the past week, it now faces the risk of following through higher in the new week. Note that we may see a slight pullback in the new week.

EURUSD: With EUR seeing closing higher the past week, it now faces the risk of following through higher in the new week. Note that we may see a slight pullback in the new week. 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 with a turn below that level targeting the 1.0900 level. Resistance is seen at 1.1150 level with a cut through here opening the door for more downside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. All in all, EUR remains biased to the upside on correction.

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