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EUR/USD Loses Upside Momentum, Faces Downside Risk

EUR/USD Loses Upside Momentum, Faces Downside Risk

EUR/USD: Having reversed its entire past week gains to close flat, EUR now faces risk of a move lower in the new week. Support lies at the 1.0900 level where a violation will aim at the 1.0850 level. A break here will aim at the 1.0600 level with a turn below that level targeting the 1.0550 level. Resistance is seen at 1.1050 level with a cut through here opening the door for more downside towards the 1.1100 level. Further up, resistance lies at the 1.1150 level, where a break will expose the 1.1200 level. All in all, EUR remains biased to the downside in the medium term.

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