EUR/USD: Bias Remains To Downside
FXTechstrategy Team | Aug 30, 2015 09:41AM ET
EUR/USD: EUR lost its upside momentum to close lower the past week leaving further downside pressure on the cards in the new week. However, note that a consolidation with a pullback higher may occur. Support lies at the 1.1100 level, where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level, with a turn below that level targeting the 1.0950 level. Its weekly RSI is bearish and pointing lower, suggesting further downside pressure. Conversely, resistance is seen at 1.1250 level with a cut through here opening the door for more downside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level, where a break will expose the 1.1400 level. All in all, EUR remains biased to the upside on correction.
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