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EURUSD Caps Recovery, Risk Turns Lower On Price Failure

EURUSD: Having EUR closed lower on price failure at 1.1459 level to print a rejection candle the past week, further weakness is envisaged in the new week. As long as the mentioned overhead resistance holds as resistance, our bias continues to point lower. 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 with a turn below that level targeting the 1.1050 level. Its weekly RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance is seen at 1.1350 level with a cut through here opening the door for more upside towards the 1.1409 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. All in all, EUR remains biased to the downside in the short term.



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