EURUSD: Bullish With Caution, Eyes On 1.1653 Levels!
The EURUSD maintained some bullish momentum yesterday, bottomed at 1.1537 level, topped at 1.1605 level. Despite momentum indicators point upside, the EURUSD will have to break and hold above 1.1605 level on a daily closing basis to prevent a return to the downside if seen it will target 1.1653 level, a halt is likely, it may test 1.1605 before going up again, however; above 1.1653 will target 1.1710 level, further upside, resistance stands at 1.1756 level.
On the downside, a failure to hold above 1.1605 level on a daily closing basis could mean a return to 1.1537 level, it should turn higher from here but if this fails to happen the pair will reverse risk to the downside to 1.1478 level with a cut below here opening the way to 1.1407 level.
Note: The pair may spike to 1.1653 level before falling below 1.1537 level, above 1.1653 will increase the risk for 1.1756 level.
Conclusion: The EURUSD sees upside threats above 1.1537 level with caution.
Support: 1.1537, 1.1478, 1.1408, 1.1343
Resistance: 1.1605, 1.1653, 1.1710, 1.1756
- Germany will report on its ZEW Economic Sentiment today at 12:00 GMT. The indicator is expected to fall -12.3, from -10.6 a month earlier. Anyway: any reading above -12.3 will support the EUR against the USD while any reading below -12.3 will support the USD against the EUR.
German data may bring a buying opportunity near 1.1537 level.