EURUSD Downside Pressure Stalls, Bounces Off 1.1531 Support

EURUSD downside pressure stalled as it saw a bounce off its key support at 1.1531 to close higher on Friday. While that level holds as support it faces the risk of a move further higher nearer term. On the upside, resistance comes in at 1.1550 level. A break through there opens the door for more upside towards the 1.1600 level. Further up, resistance lies at the 1.1650 level where a break will expose the 1.1700 level. On the downside, support lies at the 1.1450 level where a violation will aim at the 1.1400 level. A break of here will aim at the 1.1350 level. Below here will open the door for more weakness towards the 1.1300. All in all, EURUSD still faces a downside pressure medium term but with recovery threats.