While recovery attempts may be seen, EUR remains weak and susceptible to the downside. This leaves the risk of a recapture of the 1.3476 level on the cards.
Further down, a break will aim at the 1.3400 level, its psycho level followed by the 1.3350 level and subsequently the 1.3300 level.
On the other hand, resistance resides at the 1.3602 level, its Jan 29’2014 low with a cut through here turning attention to the 1.3650 level and then the 1.3700 level.
Further out, resistance is seen at the 1.3739 level, its Jan 24 high and then the 1.3818 level, its Dec 30 2013 high. All in all, EUR remains biased to the downside short term.
Guest post by FX Tech Strategy
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