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EURUSD: Outlook for EUR remains lower after extending its weakness below the 1.2700 level the past week. Support lies at the 1.2600 level where a break will expose the 1.2550 level.

Below here will pave the way for a move lower towards the 1.2500 level. If this continues, expect further downside to occur towards the 1.2450 level. Its weekly RSI is bearish and pointing lower supporting this view.

On the upside, resistance lies at the 1.2750 level where a break will aim at the 1.2800 level, its psycho level followed by the 1.2850 level. Further out, resistance comes in at the 1.2900 level. All in all, EUR remains biased to the downside in the medium term.

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