EURUSD: Weakens On Price Failure, Aims At Key Support

FXAssure • by FXTechstrategy Team

Forex Trades • Aug 18, 2015 at 10:50 AM EDT

Having EURUSD continued to maintain its downside pressure, further weakness is envisaged. Support lies at the 1.1000 level.

EURUSD: Having EUR continued to maintain its downside pressure, further weakness is envisaged. Support lies at the 1.1000 level where a violation will aim at the 1.0950 level. A break of here will aim at the 1.0900 level with a turn below that level targeting the 1.0850 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at 1.1100 level with a cut through here opening the door for more downside towards the 1.1150 level. Further up, resistance lies at the 1.1200 level where a break will expose the 1.1250 level. All in all, EUR remains biased to the downside on corrective pullback.

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