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EURUSD: With the pair failing to follow through higher on the back of its previous gains the past week, further downside pressure is likely in the new week. This development now leaves EUR eyeing its key support located at the 1.0519 level.

However, immediate risk comes in at 1.0600 level where a break will expose the 1.0550 level. Further, support is located at the 1.0500 level but if violated, expect sore weakness to occur towards the 1.0650 level. Further down, support lies at the 1.0600 level where a violation will aim at the 1.0550 level.

A break of here will aim at the 1.0500 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance is comes at 1.0700 level with a cut through here opening the door for more upside 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.


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