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EURUSD: Bearish Momentum Turns Risk To Key Support

EURUSD: EUR took further losses on Thursday for a second day in a row. This development leaves risk of more weakness towards its key support located at the 1.1016 level, its Aug 18 2015 low. 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 daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at 1.1200 level with a cut through here opening the door for more downside towards the 1.1250 level. Further up, resistance lies at the 1.1300 level where a break will expose the 1.1350 level. All in all, risk remains biased to the downside in the short term

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