With a second week of decline occurring the past week, there is risk of further weakness in the new week.
Immediate support stands at the 0.8489 level where a violation will call for a run at the 0.8400 level.
Further down, support comes in at the 0.8350 level with a breach calling for a run at the 0.8300 level.
Above here will aim at the 0.8750 level with a breach targeting further upside. All in all, the cross remains biased to the downside nearer term as it faces bear threats.
Guest post by FX Tech Strategy