EURUSD: Vulnerable Despite Weekly Higher Close
EURUSD: Although EUR closed higher the past week, it faces downside pressure after losing a quarter of its last week gains (see daily chart). This development leaves it vulnerable to the downside. Resistance is seen at the 1.1150 level with a cut through here opening the door for more upside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. Conversely, 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. All in all, EUR faces downside threats in the medium term.
