The EURUSD maintained a bullish momentum yesterday, bottomed at 1.3207 and topped at 1.3344 levels, but momentum indicators show that the pair has lost some of its upside momentum, now the pressure will be on the key support 1.3207.
The EURUSD will have to hold below the 1.3207 levels on a daily closing basis to push the mark to the downside, If seen, it will target the 1.3165 levels where a breach will turn the focus on the 1.3082/1.3065 levels, below 1.3065 will look for the 1.3000 levels.
Alternatively, a failure to hold below the 1.3207 levels, could mean a return to the 1.3344 levels, break of 1.3344 will target the 1.3380 levels, a break will take the pair towards the 1.3425 level, above 1.3425 will attack the 1.3485 levels.
In all, the pair is likely to consolidate within 1.3207/1.3344 range before the next move…
Note: I think any downside move below 1.3207 levels will be contained well by the 1.3065 levels where a strong rise is suggested, but if 1.3065 fails, the next main support is at 1.2922, this level will contain any downside move, basically it should bring strong rebound to the upside……….