EUR/USD: Trades Below Trendline Resistance

EUR/USD: Although EUR/USD closed higher on recovery on Wednesday and followed through higher during early Thursday trading, it faces downside risk below its declining trendline. Support lies at the 1.1250 level. Further down, support comes in at the 1.1200 level where a violation will aim at the 1.1150 level. A break of here will target the 1.1100 level. Conversely, on the upside, resistance comes in at 1.1350 level with a cut through here opening the door for more upside towards the 1.1400 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. All in all, EUR/USD remains biased to the upside but with caution.

EUR/USD Daily Chart

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