EURUSD: Vulnerable, Weakens For Two Weeks In A Row.
EURUSD - With EUR weakening for a second week in a row the past week, further downside pressure could be seen. However, with a rejection candle and marginal higher close seen on Friday, recovery risk could happen this new week. Support lies at the 1.3704 level. Further down, support comes in at the 1.3650 level where a violation will target the 1.3600 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on a recovery higher, the pair will aim at the 1.3796 level followed by the 1.3844 level. Further out, resistance resides at the 1.3900 level where a breach will aim at the 1.3966 level followed by the 1.4000 level. All in all, EUR remains biased to the upside in the long term but faces bear threats.
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