EUR/USD Closes Lower But With Warning Of Correction

EUR/USD: With the pair extending its weakness other past week, more decline is envisaged. However, we should see a recovery higher in the new week. Resistance comes in at 1.1800 level with a cut through here opening the door for more upside towards the 1.1850 level. Further up, resistance lies at the 1.1900 level where a break will expose the 1.1950 level. Conversely, support lies at the 1.1700 level where a violation will aim at the 1.1650 level. A break of here will aim at the 1.1600 level. Below here will open the door for more weakness towards the 1.1550. All in all, EUR/USD continues to face further bear threats but with caution.

EUR/USD Weekly Chart

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