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EURUSD Loses Upside Momentum, Slides

EURUSD: With EUR failing to maintain its upside momentum and turning lower off the 1.1280 level during Tuesday trading session, risk of more weakness is now developing. In such case, support at the 1.1150 level with a break of here opening the door for a run at the 1.1100 level. Further down, a turn below that level will target the 1.1050 level. Its daily RSI bearish and pointing lower suggesting further weakness. On the upside, resistance is seen at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1450 level. All in all, EUR remains biased to the downside in the short term with more weakness likely.

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