EURUSD: Though closing lower the past week, the pair ability to reject downside price and print a rejection candle is suggestive of a recovery higher.
Support lies at the 1.3490 level where a break will expose the 1.3450 level. Below here will pave the way for a move lower towards the 1.3400 level.
If this continues, expect further downside to occur towards the 1.3350 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3650 level, its psycho level followed by the 1.3700 level.
Further out, resistance comes in at the 1.3750 level followed by the 1.3800 level. All in all, EUR remains biased to the downside in the medium term.
