EURUSD Looks To Retarget The 1.0519 Zone

[AlpariMox1]

EURUSD: With the pair closing slightly lower the past week, its broader risk points lower to the 1.0519 level. EURUSD looks to retarget the 1.0519 zone which is consistent with its long term downtrend bias. However, a recovery may occur especially now that is approaching its key supports. Support is located at the 1.0500 level and if violated, expect more weakness to occur towards the 1.0450 level. Further down, support lies at the 1.0400 level where a violation will aim at the 1.0350 level. A break of here will aim at the 1.0300 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance is comes at 1.0650 level with a cut through here opening the door for more upside towards the 1.0700 level. Further up, resistance lies at the 1.0750 level where a break will expose the 1.0800 level. All in all, EURUSD looks to retarget the 1.0519 zone on bear pressure.