EUR/USD Consolidates With Downside Threats

EUR/USD consolidates with downside bias as it retains its broader medium-term trend. Support comes in at the 1.1200 where a violation will turn risk to the 1.1150 level. A break below here will target the 1.1100 level. Further down, support sits at the 1.1050. Its weekly RSI is bearish and pointing lower suggesting more weakness. Conversely, on the upside, resistance resides at 1.1250 level with a break through there opening the door for further upside towards the 1.1.1300 level. Further up, resistance comes in at the 1.1350 level where a violation will expose the 1.1400 level. All in all, EUR/USD expects more weakness to occur in the days ahead.

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