EURUSD: Bounces Off 1.1016/17 Zone, Faces Recovery Threat

EURUSD: The pair halted its weakness and turned higher on Monday leaving risk of more recovery on the cards. While the 1.1016/17 level zone continues to provide support, we should see a move higher on correction. On the downside, support lies at the 1.1000 level where a violation will aim at the 1.0950 level. A break of here will turn risk to the 1.0900 level with a move below that level targeting the 1.0850 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance is seen at 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 1.1120 level where a break will expose the 1.1250 level. All in all, EUR remains biased to the downside in the short term but y faces recovery above its key support zone.

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