EURUSD: Declines, Follow Through Lower

EURUSD: With EUR extending its sell off during Thursday trading session today, further weakness is expected in the days ahead. On the downside, support lies at the 1.3700 level and then the 1.3631 level. Below here will aim at the 1.3561 level. Further down, support comes in at the 1.3500 level. Its daily RSI is bearish and pointing lower suggesting further downside. On the other hand, if recovery occurs, resistance resides at the 1.3844 level and then the 1.3900 level, its psycho level followed by the 1.3966 level, its Mar 13 2014 high. A cut through there will pave the way for a run at the 1.4000 level, its big psycho level. We expect bears to come in here and turn it lower but if eventually violated further upside is likely. Other resistance levels are seen at the 1.4050 and the 1.4100 level. All in all, EUR remains biased to the downside shorter term