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EUR/USD Threatens Further Weakness Towards 1.0909 Level

EUR/USD Threatens Further Weakness Towards 1.0909 Level

EUR/USD: With a reversal of its previous week’s gains seen the past week, more decline is envisaged. Support lies at the 1.1000 level. Further down, support comes in at the 1.0950 level where a violation will aim at the 1.0900 level. A break of here will target the 1.0850 level. The weekly RSI is bearish and pointing lower, supporting this view.

Conversely, on the upside, resistance comes in at the 1.1100 level, with a cut through here opening the door for more upside towards the 1.1150 level. Further up, resistance lies at the 1.1200 level, where a break will expose the 1.1250 level. All in all, EUR/USD remains biased to the downside in the medium term.

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