EUR/USD: With EUR backing off higher prices and reversing its Monday gains, further downside is likely in the days ahead. Support comes in at the 1.3624 level where a violation will aim at the 1.3500 level and possibly lower towards the 1.3400 level.
We may see bulls come in here and turn the pair higher but further decline if seen will push the pair towards the 1.3400 level. Its daily RSI is bearish and pointing lower supporting this view.
On the other hand, the pair will have to retake the 1.2716 level to annul its present downside. Further out, resistance resides at the 1.3811/31 levels where a violation will aim at the 1.3900 level.
A turn above here will aim at the 1.4000 level. Price hesitation may occur here but if violated it will target the 1.4100 level. All in all, EUR remains biased to the downside on correction.
Guest post by FX Tech Strategy
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