EURUSD: With a second week of recovery higher occurring the past week, further bullishness is envisaged. On the upside, resistance lies at the 1.2886 level where a break will aim at the 1.2950 level, its psycho level followed by the 1.3050 level. Further out, resistance comes in at the 1.3150 level. Its daily RSI is bullish and pointing higher supporting this view. Support lies at the 1.2700 level where a break will expose the 1.2650 level. Below here will pave the way for a move lower towards the 1.2600 level. If this continues, expect further downside to occur towards the 1.2550 level. All in all, EUR remains biased to the upside on recovery.
EURUSD: Faces Further Upside Risk
EURUSD: With a second week of recovery higher occurring the past week, further bullishness is envisaged. On the upside, resistance lies at the 1.2886 level where a break will aim at the 1.2950 level, its psycho level followed by the 1.3050 level. Further out, resistance comes in at the 1.3150 level. Its daily RSI is bullish and pointing higher supporting this view. Support lies at the 1.2700 level where a break will expose the 1.2650 level. Below here will pave the way for a move lower towards the 1.2600 level. If this continues, expect further downside to occur towards the 1.2550 level. All in all, EUR remains biased to the upside on recovery.
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