With a reversal of its previous week’s gains seen the past week, more decline is envisaged. Support lies at the 1.1000 level. Further down, support comes in at the 1.0950 level where a violation will aim at the 1.0900 level. A break of here will target the 1.0850 level. The weekly RSI is bearish and pointing lower, supporting this view.Conversely, on the upside, resistance comes in at the 1.1100 level, with a cut through here opening the door for more upside towards the 1.1150 level. Further up, resistance lies at the 1.1200 level, where a break will expose the 1.1250 level. All in all, EUR/USD remains biased to the downside in the medium term.
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