EURUSD: With EUR triggering a strong sell-off on Thursday, further downside pressure is envisaged. Support is seen at 1.1100 level with a cut through here opening the door for more downside towards the 1.1050 level. Further down, support lies at the 1.1000 level where a break will expose the 1.0950 level.
Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1250 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1378 level, its psycho level with a turn below that level targeting the 1.1400 level. Further out, resistance comes in at the 1.1450 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term.
