EURUSD: With EUR selling off strongly the past week, it looks to resume its broader medium term downtrend. On the downside, support lies at the 1.0500 level where a violation will aim at the 1.0461 level.
A break of here will aim at the 1.0400 level with a turn below that level targeting the 1.0350 level. Its weekly RSI is bearish and pointing lower supporting this view. Resistance is seen at 1.0700 level with a cut through here opening the door for more downside towards the 1.0750 level.
Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. All in all, EUR remains biased to the downside in the medium term.
In this week’s podcast, we discuss: USDown or greenback comeback? And also touch other topics:
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