EURUSD: Bearish, Extends Weakness

Mohammed Isah FXTechstrategy

EURUSD: With the pair retains weak and vulnerable to the downside on correction. On the upside, resistance comes in at 1.2400 level with a cut through here opening the door for more upside towards the 1.2450 level. Further up, resistance lies at the 1.2500 level where a break will expose the 1.2550 level. Conversely, support lies at the 1.2300 level where a violation will aim at the 1.2250 level. A break of here will aim at the 1.2200 level. Below here will open the door for more weakness towards the 1.2150. All in all, EURUSD faces further bear threats on correction.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.2486
2. R2 1.245
3. R1 1.2393
PP 1.2356
1. S1 1.23
2. S2 1.2263
3. S3 1.2206

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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