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EURUSD: Bullish, Retains Its Recovery Bias

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EURUSD: Bullish, Retains Its Recovery Bias

Postby FXTechstrategy » Sun Jan 15, 2017 12:40 pm

EURUSD: With the pair closing higher the past week, further bullishness is expected in the new week. On the down, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level. Conversely, on the upside, resistance comes in at 1.0650 level with a cut through here opening the door for more upside towards the 1.0700 level. Further up, resistance lies at the 1.0750 level where a break will expose the 1.0800 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, EURUSD faces further upside pressure but with caution.

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FXTechstrategy
 
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