Daily Technical Strategist On EURUSD

EURUSD: Bearish, Extends Weakness

EURUSD: EUR reversed its one-day gain during Thursday trading session selling off further and opening the door for weakness. Support lies at the 1.3600 level where a break will aim at the 1.3561 level, its Feb 12 2014 low. Further down, support stands at the 1.3500 level where a violation will target the 1.3450 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, if recovery is triggered, gains could build up towards the 1.3730 level, its May 14’2014 high. Further out, resistance resides at the 1.3800 level and then the 1.3839 level with a breach targeting the 1.3905 level and 1.3966 level. All in all, EUR remains biased to the downside in the medium term