EURUSD: Outlook Remains Lower!
Recommendations: Short positions below 1.1820 levels with 1.1765 & 1.1735 as next targets.
Alternative scenario: The upside breakout of 1.1820 will call for a rebound to 1.1875 levels.
Description: As long as 1.1825 resistance holds on a 4-hour closing basis, the EURUSD remains on the downside to the 1.1765/1.1735 levels, a halt is likely but a cut will aim the 1.1775 levels, further down, support comes at the 1.1675 levels ahead of the 1.1630 levels.
On the upside, above 1.1820on a 4-hour closing basis will look for the 1.1875 levels before another fall, however; above 1.1875 will pave the way to 1.1937 levels.
Conclusion: The EURUSD sees downside threats below 1.1820 levels…
Key data/events which may affect EURUSD pair today:
U.S Philadelphia Fed Manufacturing Index (May) at 12:30 GMT