Short term bearishness on EURUSD remains valid with more weakness expected in the new week. This is coming on the back of its past week’s flat close.
Support lies at the 1.1350 where a violation will aim at the 1.1300 level. A break below here will aim at the 1.1250 level.
Further down, support lies at the 1.1200. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at 1.1400 level. A break through there will open the door for further upside towards the 1.1500 level. Further up, resistance comes in at the 1.1550 level where a violation will expose the 1.1600 level.
All in all, EURUSD continues to face further downside pressure in the medium term.
