EURUSD downside bias for 1.1079/68; break here aims for 1.1009

A Wednesday and Friday stall ahead of the key 1.1216 barrier (as expected) for a roll back lower and a bear tone for Monday.

Furthermore, whilst below 1.1216, we see the broader, erratic down trend intact and see the risks as lower through mid-August.

For Today:

We see a downside bias for 1.1079/68; break here aims for 1.1009.

But above 1.1214/16 opens risk up to 1.1244 and 1.1278/86, which we would look to try to cap.

Short/ Intermediate-term Outlook – Downside Risks:

Whilst below 1.1216 we see a more negative tone with the bearish threat back to 1.0807.

Below here targets 1.0658, 1.0520 and 1.0459.

What Changes This? Above 1.1216 signals a neutral tone, only shifting positive above 1.1436. 

Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.

---

A taster of the report above. To view the full EURUSD report with screencasts, levels and more, click here 

Remember, for a FREE trial of our FX and all other reports, sign up by clicking here

---

4 Hour EURUSD Chart

Daily EURUSD Chart