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EURUSD: With a follow through higher occurring the past week, further downside pressure is expected in the new week. However, EUR will have to break and hold below the 1.2500 level to extend its weakness.

On the other hand, support lies at the 1.2500 level where a break will expose the 1.2450 level. Below here will pave the way for a move lower towards the 1.2400 level. If this continues, expect further downside to occur towards the 1.2350 level.

On the upside, resistance lies at the 1.2600 level where a break will aim at the 1.2650 level, its psycho level followed by the 1.2700 level. Further out, resistance comes in at the 1.2750 level. All in all, EUR remains biased to the downside in the medium term.

eurusd November 3 2014