EUR/USD: EUR continues to maintain its broader medium term uptrend following a higher close the past week. Though backing off higher prices and closing below the 1.3831 level, the mentioned uptrend remains intact.
However, the challenge is for the pair to retake the 1.3893 level where a break will pave the way for a push towards the 1.3950 level.
Further out, resistance resides at the 1.4000 level, its big resistance level and then the 1.4050 level. Its weekly RSI is bullish and pointing higher supporting this view.
On the other hand, support lies at the 1.3700 level with a breach setting the stage for a run at the 1.3624 level and then the 1.3550 level. We may see the bulls come in here and push the pair higher.
However, if this fails to occur, expect further downside to occur towards the 1.3500 level. All in all, EUR continues to retain its broader upside bias in the medium term.
Guest post by FX Tech Strategy
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