EUR/USD Targets More Downside Pressure On Weakness.
FXTechstrategy Team | Dec 29, 2015 08:30PM ET
EUR/USD: With the pair capping its strength to sell off on Tuesday, EUR/USD targets more downside pressure on weakness. This view remains valid as long as it trades below the 1.1059/1.0991 zone, its key resistance zone. On the downside, support resides at the 1.0900 zone. A cut through here will open the door for more upside towards the 1.0850 level. Further down, support lies at the 1.0800 level where a break will expose the 1.0750 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance lies at the 1.0950 levels where a violation if seen will aim at the 1.1000 level. A break of here will aim at the 1.1050 level with a turn below that level targeting the 1.1100 level. All in all, EUR/USD targets more downside pressure on weakness.
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