HomeContributorsTechnical AnalysisEURUSD: Bearish, Remains Vulnerable To The Downside

EURUSD: Bearish, Remains Vulnerable To The Downside

EURUSD – The pair closed lower for a second in day in a row leaving risk of more weakness on the cards. On the upside, resistance comes in at 1.2400 level with a cut through here opening the door for more upside towards the 1.2450 level. Further up, resistance lies at the 1.2500 level where a break will expose the 1.2550 level. Conversely, support lies at the 1.2350 level where a violation will aim at the 1.2300 level. A break of here will aim at the 1.2250 level. Below here will open the door for more weakness towards the 1.2200. Its daily RSI is bearish and pointing lower suggesting more weakness. All in all, EURUSD faces further pullback threats.

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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