EURUSD: Turns Lower On Correction

EURUSD: With a sharp sell off reversing EUR’s previous week gains to close below the 1.3403 level the past week, the risk is for more declines to occur in the new week. Further down, support lies at the 1.3264 level where a break will target the 1.3200 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, to annul its present weakness, the pair will have to return above the 1.3710 level where a violation will open the door for more upside towards the 1.3800 level. Further out, the 1.3850 level comes in as the next upside with a cut through here turning focus to the 1.3900 level. All in all, EUR continues to retain its broader medium term upside bias.