EURUSD: Under Pressure, Eyes Further Downside Risk!
Recommendations: Short positions below 1.1875 levels with 1.1790 & 1.1737 as next targets.
Alternative scenario: The upside breakout of 1.1875 will call for a rebound to 1.1937 levels.
Description: As long as 1.1875 resistance holds on a 4-hour closing basis, the EURUSD remains on the downside to the 1.1790 levels, a halt is likely but a cut will aim the 1.1737 levels, further down, support comes at the 1.1677 levels.
On the upside, above 1.1875 on a 4-hour closing basis will look for the 1.1937 levels before another fall, however; above 1.1937 will pave the way to 1.1975/1.2012 levels. (Minor support: 1.1830)…
Conclusion: The EURUSD sees downside threats below 1.1875 levels…
Key data/events which may affect EURUSD pair today:
1- Euro-Zone CPI (YoY) (Apr) at 09:00 GMT.
2- ECB President Draghi Speaks at 12:00 GMT.
3- U.S Building Permits (Apr) at 12:30 GMT.