EURUSD: With EURUSD closing strongly lower the past week, more...

EURUSD: With EURUSD closing strongly lower the past week, more weakness is envisaged. However, we may see it recover higher in the new week on correction. Support lies at the 1.1050 level. Further down, support comes in at the 1.1000 level where a violation will aim at the 1.0950 level. A break of here will target the 1.0900 level. 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 1.1350 level where a break will expose the 1.1400 level. All in all, EURUSD remains biased to the downside in the short term.