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EURUSD: With EUR declining further the past week, it looks to weaken further in the new week. However, we may see a corrective recovery on the back of its recent weakness. Support is seen at 1.0450 level with a cut through here opening the door for more downside towards the 1.0400 level.

Further down, support lies at the 1.0350 level where a break will expose the 1.0300 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.0550 level where a violation will aim at the 1.0600 level. A break of here will aim at the 1.0650 level, its psycho level with a turn below that level targeting the 1.0700 level. Further out, resistance comes in at the 1.0750 level. All in all, EUR remains biased to the downside in the medium.


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