EURUSD: Remains Bearish!
Recommendations: Short positions below/ around 1.1589 levels with 1.1545 & 1.1509 as next targets.
Alternative scenario: The upside breakout of 1.1589 will call for a rebound to 1.1639/1.1678 levels.
Description: The pair is very bearish, immediate resistance is seen at the 1.1545 levels but the pair is in oversold zone, so a corrective recovery may be seen to the main resistance at the 1.1589 levels where rejection is very likely, however; above 1.1589 in a 4-hour closing basis will extend recovery to the 1.1639 levels ahead of the 1.1678 levels (main), further upside, resistance comes at the 1.1737/1.1747 levels (main).
On the downside, immediate support is seen at the 1.1509 levels ahead of the 1.1478 levels (main), a halt is likely but a cut would open 1.1405/1.1390 levels where another up is likely.
Conclusion: The EURUSD continues to face downside threats below 1.1589 levels.
Note: We are around month end, the pair is around critical support 1.1553 – low of Nov 2017 – so volatility is expected, be careful?!!
Key data/events which may affect EURUSD pair today:
1- German Unemployment Change (May) at 08:00 GMT.
2- U.S ADP Nonfarm Employment Change (May) at 12:15 GMT.
3- U.S GDP (QoQ) (Q1) at 12:30 GMT.