With EUR turning off ahead of its key support at 1.3502 level, risk of further upside is now building up. This view remains valid above the 1.3521/042 levels.
Further out, resistance comes in at the 1.3581 level where a violation will aim at the 1.3650 level and then the 1.3700 level. A break of will pave the way for a run at the 1.3774 level and subsequently the 1.3839 level. On the downside, support lies at the 1.3521/02 levels level.
Further down, support stands at the 1.3450 level where a violation if seen will aim at the 1.3400 level and possibly lower towards the 1.3350 level.
All in all, EUR remains biased to the downside in the medium term but faces corrective recovery risk.
Guest post by FX Tech Strategy
