HomeContributorsTechnical AnalysisEURUSD Eyeing Further Weakness On Bear Pressure

EURUSD Eyeing Further Weakness On Bear Pressure

EURUSD faces risk of further downside pressure after extending its weakness on Monday. On the down, support comes in at 1.2100 level with a violation opening the door for a run at the 1.2050 level. Further down, support is seen at the 1.2000 level. A cut through that level will clear the way for a move towards the 1.1950 level. On the upside, resistance comes in at the 1.2200 with a break of that area turning risk towards the 1.2250 level. A move above here will target the 1.2300 level. Further up, resistance stands at the 1.2350. All in all, EURUSD looks for more downside pressure in the days ahead.

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.

Featured Analysis

Learn Forex Trading