EURUSD: Prepares To Recover Higher

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EURUSD: With EUR halting its broader weakness to close flat the past week, it faces the risk of further recovery higher. If a follow-through higher on the back of its Friday gain occurs, further bullish offensive is likely in the new week.

Support lies at the 1.3366 level where a break will expose the 1.3300 level. Below here will pave the way for a move lower towards the 1.3250 level. If this continues, expect further downside to occur towards the 1.3200 level.

Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3500 level, its psycho level followed by the 1.3550 level. Further out, resistance comes in at the 1.3600 level followed by the 1.3650 level. All in all, EUR remains biased to the downside in the medium term.

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