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EUR/USD: Sets Up To Extend Corrective Weakness

EUR/USD: Sets Up To Extend Corrective Weakness

EUR/USD: With EUR/USD remaining weak and vulnerable to the down, further downside pressure is expected. Support lies at the 1.1200 level where a violation will aim at the 1.1150 level. A break of here will aim at the 1.1100 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1300 level with a cut through here opening the door for more upside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level. All in all, EUR/USD remains biased to the downside on further pullback.

EUR/USD Daily Chart

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