EURUSD: Although EUR may be biased to the upside on the weekly chart, its price action on the daily chart is suggestive of a move lower on correction.
This development leaves risk lower in the new week. Resistance is seen at the 1.1289 level with a cut through here opening the door for more downside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level.
Conversely, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. All in all, EUR remains biased to the upside on recovery but with caution.
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