EURUSD: Vulnerable, Looks To Resume Short Term Downtrend

Mohammed Isah FXTechstrategy

EURUSD: The pair looks to resume its short term downtrend following its upside price rejection. Resistance comes in at 1.1800 level with a cut through here opening the door for more upside towards the 1.1850 level. Further up, resistance lies at the 1.1900 level where a break will expose the 1.1950 level. Conversely, support lies at the 1.1700 level where a violation will aim at the 1.1650 level. A break of here will aim at the 1.1600 level. Below here will open the door for more weakness towards the 1.1550. All in all, EURUSD faces further downside pressure short term.

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1853
2. R2 1.1833
3. R1 1.1803
PP 1.1782
1. S1 1.1752
2. S2 1.1732
3. S3 1.1702

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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