While EUR continues to hold below its broken trendline support, further downside pressure remains pressure intact. Support stands at the 1.3489 level where a violation will aim at the 1.3400 level, its psycho level.
Further down, support resides at the 1.3300 level. Its weekly RSI is bearish and pointing lower suggesting further downside. On the upside, resistance comes in at the 1.3600 level its psycho level where a violation will aim at the 1.3698 level, its Jan 14 2014 high.
Further out, the 1.3818 level, its Dec 30 2013 high comes in as the next resistance on a break of the 1.3698 level. A turn above the 1.3818 level will set the stage for a move higher towards the 1.3897 level, its Dec 27 2013 high. All in all, EUR remains biased to the downside on further bear threats.
Guest post by FX Tech Strategy.
