EURUSD: Risk Remains Lower Bear Pressure

Mohammed Isah FXTechstrategy

EURUSD: With the pair following through lower the past week, further weakness is likely in the new week. On the upside, resistance comes in at 1.0600 level with a cut through here opening the door for more upside towards the 1.0650 level. Further up, resistance lies at the 1.0700 level where a break will expose the 1.0750 level. Conversely, support lies at the 1.0500 level where a violation will aim at the 1.0450 level. A break of here will aim at the 1.0400 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, EURUSD faces further downside pressure on declines.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.0665
2. R2 1.0630
3. R1 1.0606
PP 1.0572
1. S1 1.0548
2. S2 1.0514
3. S3 1.0490

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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