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EURUSD: Bearish Below The 1.0848 Level

EURUSD: While the 1.0848/86 zone remains as resistance our outlook on EUR remains to the downside. Resistance is seen at 1.0800 level with a cut through here opening the door for more downside towards the 1.0848/86 levels. Further up, resistance lies at the 1.0950 level where a break will expose the 1.1000 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, support lies at the 1.0650 level where a violation will aim at the 1.0600 level. A break of here will aim at the 1.0550 level with a turn below that level targeting the 1.0500 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, EUR remains biased to the downside medium term

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