EURUSD: Bearish, Looks To Weaken Further
EURUSD: Having weakened to close lower the past week, further downside pressure is likely in the days ahead. However, do not under estimate the power correction following its past week decline. Support lies at the 1.3700 level where a break will aim at the 1.3676 level followed by the 1.3600 level. Further down, support stands at the 1.3550 level where a violation will target the 1.3500 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, if recovery is triggered, further gains could build up towards the 1.3839 level. Further out, resistance resides at the 1.3905 level and 1.3966 level. Further out, resistance resides at the 1.4000 level, its big psycho level. All in all, EUR remains biased to the upside in the long term but faces Bearishness in the short term
