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EURUSD: Vulnerable, Targets Further Weakness

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EURUSD: Vulnerable, Targets Further Weakness

Postby FXTechstrategy » Sun Feb 12, 2017 11:38 am

EURUSD: With the pair closing lower the past week on correction, further weakness may occur in the new week. However, we think a move back up could happen. On the upside, resistance comes in at 1.0700 level with a cut through here opening the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. Conversely, 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. All in all, EURUSD faces further downside pressure but with caution.

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FXTechstrategy
 
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