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EURUSD Bearish, Vulnerable But With Caution

Oct 29 2017, 11:01 AM (CDT) | FXTechstrategy

 

EURUSD: With the pair selling off the past week, more weakness is likely. Resistance comes in at 1.1650 level with a cut through here opening the door for more upside towards the 1.1700 level. Further up, resistance lies at the 1.1750 level where a break will expose the 1.1800 level. Conversely, support lies at the 1.1550 level where a violation will aim at the 1.1500 level. A break of here will aim at the 1.1450 level. Below here will open the door for more weakness towards the 1.1400. Its weekly RSI is bearish and pointing lower suggesting further weakness.  All in all, EURUSD continues to face downside threats but with caution of a recovery.

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