EURUSD: With EUR reversing its previous week gains and returning below its rising trendline, further decline is envisaged in the days ahead. Support comes in at the 1.3400 level, representing its psycho level where a breach will aim at its weekly 200 ema at the 1.3346 level. Further down, support comes in at the 1.3300 level where a break will aim at the 1.3250 level and possibly lower towards the 1.3200 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, resistance resides at the 1.3550 level but EUR will have to break and hold above the 1.3716 level to annul its bear threats and trigger its upside offensive now on hold. Further out, resistance comes in at the 1.3800 level. All in all, EUR remains biased to the downside on further bear threats.
Article by www.fxtechstrategy.com