HomeContributorsTechnical AnalysisEURUSD: Weakens, Remains Under Pressure

EURUSD: Weakens, Remains Under Pressure

EURUSD – The pair continues to decline extending its corrective pullback on Tuesday. On the upside, resistance comes in at 1.2000 level with a cut through here opening the door for more upside towards the 1.2050 level. Further up, resistance lies at the 1.2100 level where a break will expose the 1.2150 level. Conversely, support lies at the 1.1900 level where a violation will aim at the 1.1850 level. A break of here will aim at the 1.1800 level. Below here will open the door for more weakness towards the 1.1750. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, EURUSD faces further downside pressure.

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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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