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EURUSD: Focus Shifts To The 1.1409 Level

EURUSD: Having EUR closed higher after failing to follow through lower on the back of its previous week losses, it now faces the risk of upside price continuation. However, note that a resistance at the 1.1409 level is not far way suggesting a cap may seen at or ahead of that level. Resistance is seen at 1.1409 level with a cut through here opening the door for more upside towards the 1.1450 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. Its weekly RSI is bullish and pointing higher suggesting further downside pressure. Conversely, support lies at the 1.1250 level where a violation will aim at the 1.1200 level. A break of here will aim at the 1.1150 level with a turn below that level targeting the 1.1100 level. All in all, EUR remains biased to the downside in the short term.



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