EURUSD: Follows Through Lower On Price Weakness

Mohammed Isah FXTechstrategy

EURUSD - With the pair following through lower on the back of its Tuesday losses on Wednesday, further decline is envisaged. On the down, support lies at the 1.0450 level where a violation will aim at the 1.0400 level. A break of here will aim at the 1.0350 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.0550 level with a cut through here opening the door for more upside towards the 1.0600 level. Further up, resistance lies at the 1.0650 level where a break will expose the 1.0700 level. All in all, EURUSD faces further downside pressure medium term.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.0687
2. R2 1.0657
3. R1 1.0610
PP 1.0580
1. S1 1.0532
2. S2 1.0503
3. S3 1.0455

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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