With EUR/USD failing to maintain its upside momentum and turning lower off the 1.1280 level during Tuesday trading session, risk of more weakness is now developing. In such a case, we will see support at the 1.1150 level with a break opening the door for a run at the 1.1100 level. Further down, a turn below that level will target the 1.1050 level. Its daily RSI bearish and pointing lower suggesting further weakness.
On the upside, resistance is seen at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1450 level. All in all, EUR remains biased to the downside in the short term with more weakness likely.
EUR/USD Daily Chart