EURUSD: Bearish, Outlook Remains Lower
EURUSD: EUR remains week and vulnerable to the downside with further decline likely in the new week. Support stands at the 1.2900 level followed by the 1.2882 level where a halt could occur and turn it higher. However, if this level breaks, expect further declines to occur towards the 1.2700 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, to annul its present weakness, the pair will have to return above the 1.3318 level, a very tough task at its present price levels. A violation will open the door for more upside towards the 1.3400 level and then the 1.3500 level. All in all, EUR continues to retain its corrective downside bias.
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