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EURUSD Maintains Medium Term Bearish Tone But With Caution

EURUSD: With EUR extending its weakness to close and hold below the 1.0673 level on Tuesday, further downside pressure is envisaged. This will leave its key support located at 1.0519 level as its main target. However, it could be looking for a temporary bottom after maintaining an intra day recovery tone during early trading today. On the downside, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level with a turn below that level targeting the 1.0450 level. Its daily RSI is bearish and pointing lower, suggesting further weakness. Conversely, resistance comes at 1.0700 level with a cut through here opening the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.850 level. All in all, EURUSD maintains medium term bearish tone but with caution of a corrective recovery. 



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