EUR/USD declines on further bear pressure

Mohammed Isah FXTechstrategy

EUR/USD faces risk of further move lower following its second day of declines today. Resistance comes in at the 1.0900 where a break will turn risk to the 1.0950 level. A breach above here will target the 1.10000 level. Further up, resistance stands at the 1.1050. Conversely, on the downside, support comes in at 1.0800 level with a violation of there opening the door for further weakness targeting the 1.0750 level. Further down, resistance lies at the 1.0700 level. A cut through that level will clear the way for a move towards the 1.0650 level. All in all, EUR/USD looks for more downside pressure in the days ahead.

Author

Mohammed Isah

FXTechstrategy

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market since 2010.

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