EURUSD Loses Upside Steam, Targets Further Weakness

EURUSD: With the pair rejecting higher to close lower the past week, more decline is envisaged. Resistance comes in at 1.1900 level with a cut through here opening the door for more upside towards the 1.1950 level. Further up, resistance lies at the 1.2000 level where a break will expose the 1.2050 level. Conversely, support lies at the 1.1800 level where a violation will aim at the 1.1750 level. A break of here will aim at the 1.1700 level. A cut though here will open the door for more strength towards 1.1650 level. All in all, EURUSD faces further downside pressure on corrective pullback.

Strategy: Sell at 1.1859, Stop loss at 1.1928, Price target at 1.1759 & 1.1715