EURUSD: Collapses, Outlook Lower Towards The 1.3482 Level |
EURUSD: The pair has reversed its Friday gains and now eyes a return to the 1.3482 level, its Nov 10’2011 low. Below here will annul its two-day recovery and resume its short term weakness towards its Oct 10’2011 low at 1.3377. Further down, the 1.3144 level, its Oct’2011 low comes in as the next target where a break will aim at its bigger support standing at the 1.3000 level, its psycho level. Its daily RSI is bearish and pointing lower suggesting further weakness. Alternatively, the pair will have to break and hold above the 1.4241 level, its Oct 27’2011 high to end its present bear threats and bring further gains towards the 1.4342 level, its daily falling trendline. Further out, resistance resides at the 1.4550 level, representing its Aug 29’2011 high. All in all, with EUR bearish and holding below the 1.3604 level, bear pressure continues to dominate with risk towards the 1.3482 level.
