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EURUSD Declines Further On Sell Off

Tuesday, October 11, 2016 8:42
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(Before It's News)

EURUSD: The pair continues to face downside pressure following its sell off on Tuesday. This development has taken the pair out of its trading range and left risk lower in the days ahead. Support lies at the 1.1050 level. Further down, support lies at the 1.1000 level where a violation will aim at the 1.0950 level. A break of here will aim at the 1.0900 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1150 level with a cut through here opening the door for more upside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. All in all, EURUSD faces further downside pressure.

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