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EURUSD – Vulnerable To The Downside With Eyes On 1.0500 Zone

EURUSD – With the pair closing further lower on Tuesday, more decline is envisaged in the days ahead. On the upside, resistance comes in at 1.0550 level with a cut through here opening the door for more upside towards the 1.0500 level. Further up, resistance lies at the 1.0450 level where a break will expose the 1.0400 level. Conversely, support lies at the 1.0600 level where a violation will aim at the 1.0650 level. A break of here will aim at the 1.0700 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, EURUSD faces further downside pressure but with caution.

Mohammed Isah is a co-founder, technical strategist and head of research at FXAssure.com. He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXassure.com.

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