EURUSD ٌRemains Vulnerable, Faces Pullback Threats!
Since the pair has failed to continue higher through the 1.2058 levels, a short-term resistance has been printed at the 1.2069 levels, while its immediate risk remains higher, the EURUSD will have to break and hold above the 1.2058 levels on a daily closing basis to prevent a return to the downside.
Immediate support stands at the 1.1913 levels where a cut will aim the 1.1773 levels, further down, support stands at the 1.1730/1.1670 levels.
On the upside, resistance stands at the 1.2058 levels with a break above here opening the way to the 1.2165 levels, we might see hesitation, but a break will turn the focus on the 1.2350 levels.
Conclusion: The EURUSD remains exposed to the downside below the 1.2058 levels…
How to trade EURUSD: since the pair is bullish on weekly time-frame above 1.1867 levels, so buying the pair on dips within 1.1913/1.1770 range is recommended..or buy it above 1.2058 (daily closing basis)….in all cases stay tuned for updates…
Intraday outlook: the pair remains bearish below 1.1972 (4-hour closing basis) below that level will aim the 1.1913 levels, a cut through this level will pave the way to the 1842 levels, further down, support comes at the 1.1784 levels. On the upside, above 1.1972 (4 hour basis) opens 1.2024 levels, a strong reversal may occur here, but above this level will challenge 1.2058/1.2069 levels.
Nite: Today the focus will be on U.S producer price inflation at 12:30 GMT…
Update: EURUSD finds a new support at 1.1968 levels, stability above this level on a 4-hour closing basis would open 1.2024 where another fall is likely, above that level will challenge 1.2058/1.2069 levels. Below 1.1968 sees a fall risk to the 1.1913 levels, further down, support comes at the 1.1842 levels ahead of the 1.1785 levels.
Wednesday, Sep 13 2017 08:05 GMT