EURUSD faces risk of further upside pressure after backing off lower prices on Tuesday.

On the down, support comes in at 1.2100 level with a violation opening the door for a run at the 1.2050 level. Further down, support is seen at the 1.2000 level. A cut through that level will clear the way for a move towards the 1.1950 level.

On the upside, resistance stands in at the 1.2150 with a break of that area turning risk towards the 1.2200 level. A move above here will target the 1.2250 level. Further up, resistance stands at the 1.2300.

All in all, EURUSD looks for more upside pressure in the days ahead.