Daily Technical Strategist On EURUSD

EURUSD: Weakens, Eyes The 1.3250/00 Levels

EURUSD: With a turn lower occurring for two days in a row and a follow through seen during early trading today, further weakness is now envisaged. Support lies at the 1.3266 level where a break will expose the 1.3200 level. Below here will pave the way for a move lower towards the 1.3150 level. If this continues, expect further downside to occur towards the 1.3100 level. On the upside, resistance lies at the 1.3335 level, its Aug 12 2014 low where a break will aim at the 1.3400 level, its psycho level followed by the 1.3450 level. Further out, resistance comes in at the 1.3500 level followed by the 1.3600 level. All in all, EUR remains biased to the downside in the medium term

A little tricky to make any long term trend analysis. With interest rates on both sides doing a balancing act. Step by step a more cautious move.