HomeContributorsTechnical AnalysisEURUSD Rejects Higher Prices, Eyes Further Weakness

EURUSD Rejects Higher Prices, Eyes Further Weakness

EURUSD with the pair backing off higher prices on Friday, more decline is envisaged. Resistance comes in at the 1.1150 where a break will turn risk to the 1.1200 level. A breach below here will target the 1.1250 level. Further up, resistance stands at the 1.1300. Conversely, on the downside, support comes in at 1.1050 level with a violation of there opening the door for further gain towards the 1.1000 level. Further up, resistance lies at the 1.0950 level. A cut through that level will clear the way for a move towards the 1.0900 level. All in all, EURUSD expects more weakness to occur in the days ahead.

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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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