EURUSD: Remains Bearish, Extends Weakness

Mohammed Isah FXTechstrategy

EURUSD - With the pair continuing to retain its downside pressure, more weakness is envisaged. On the upside, resistance comes in at 1.2350 level with a cut through here opening the door for more upside towards the 1.2400 level. Further up, resistance lies at the 1.2450 level where a break will expose the 1.2500 level. Conversely, support lies at the 1.2250 level where a violation will aim at the 1.2200 level. A break of here will aim at the 1.2150 level. Below here will open the door for more weakness towards the 1.2100. All in all, EURUSD faces further bear threats on correction.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.242
2. R2 1.2391
3. R1 1.2341
PP 1.2311
1. S1 1.2261
2. S2 1.2231
3. S3 1.2181

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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