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EURUSD Weakens Further, Targets Key Support

EURUSD: EUR declined sharply on Wednesday and was seen weakening further during Thursday trading today. This development leaves the pair targeting its key support located at the 1.1128 level. Immediate 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 daily RSI is bearish and pointing lower supporting this view. Conversely, resistance is seen at 1.1300 level with a cut through here opening the door for more downside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level. All in all, EUR remains biased to the downside on further weakness.

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