EURUSD: Up Above 1.1537, But Vulnerable Below 1.1605 Level!
With EURUSD failing to continue its Monday’s gains through 1.1605 level, a short-term resistance has been printed around that level, while its short-term risk remains higher above 1.1537 level, the EURUSD will have to break and hold above the 1.1605 level to prevent a return to the downside.
Immediate support comes at the 1.1537 levels, a halt is likely but a cut through support will aim the 1.1478 level with a break below here opening the way to 1.1408 levels.
On the upside, resistance stands at the 1.1605 levels, a sustained breakout – daily closing – above that level will extend gains to 1.1653 levels, a halt is likely, it may test 1.1605 before flying to 1.1710 levels where a break will aim 1.1756 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 pair faces upside threats above 1.1537 level, but also remains exposed to the downside below 1.1605 levels.
Support: 1.1537, 1.1478, 1.1408, 1.1343
Resistance: 1.1605, 1.1653, 1.1710, 1.1756
Key data/events which may affect EURUSD today:
- The Federal Reserve will release minutes of its most recent policy meeting today at 18:00 GMT. Any Hawkish tone by the Fed ( hiking rates at year end, good news about inflation) will support the USD, the EURUSD is likely to dip below 1.1537, even may break below 1.1478 levels. But Any Dovish tone ( delaying hiking rates, conflict with Trump, bad news about inflation) will support the EURO against the USD…
Keep in mind the pair may spike to 1.1653 level before falling once again below 1.1605 levels.