With further price extension happening the past week, additional decline is likely in the new week. However, we may see a recovery higher on correction. On the upside, resistance lies at the 1.3332 level where a break will aim at the 1.3450 level where a break will target the 1.3500 level, its psycho level.
Further out, resistance resides at the 1.3550 level. Followed by the 1.3600 level and then the 1.3650 level. Support lies at the 1.3200 level where a break will expose the 1.3150 level. Below here will pave the way for a move lower towards the 1.3100 level. If this continues, expect further downside to occur towards the 1.3050 level. Its weekly RSI is bearish and pointing lower supporting this view. All in all, EUR remains biased to the downside in the medium term.
