EURUSD: Targets Higher Prices On Correction
EURUSD: With EUR triggering a correction to close higher the past week, further bullishness is now envisaged in the new week. However, beware of recovery failure and a turn lower. Support is seen at 1.1200 level with a cut through here opening the door for more downside towards the 1.1150 level. Further down, support lies at the 1.1100 level where a break will expose the 1.1050 level. On the upside, resistance lies at the 1.1350 level where a violation will aim at the 1.1300 level where a break will aim at the 1.1400 level, its psycho level followed by the 1.1450 level. Further out, resistance comes in at the 1.1500 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term.
