Technical Analysis

EURUSD - Sees Bear Pressure, Targets The 1.1867 Zone

Typography

EURUSD - With the pair seen closing lower on correction on Monday and following through on Tuesday, more decline is envisaged in the days ahead. Resistance comes in at 1.2000 level with a cut through here opening the door for more upside towards the 1.2050 level. Further up, resistance lies at the 1.2100 level where a break will expose the 1.2150 level. Its daily RSI is bearish and pointing lower suggesting further downside pressure. Conversely, support lies at the 1.1900 level where a violation will aim at the 1.1850 level. A break of here will aim at the 1.1800 level. Below here will open the door for more weakness towards the 1.1750. All in all, EURUSD faces further downside on correction.

Author: FXTechstrategy Website: http://www.fxtechstrategy.com/
FXTechstrategy
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