The EURUSD continued to maintain its bullish momentum yesterday , topped at the 1.3324 levels and bottomed at the 1.3243 levels.Now pressure will be on the key resistance 1.3324.
The EURUSD will have to hold above the 1.3324 levels on a daily closing basis to push the market for further upside gains,If seen ,It will target the 1.3410/451 levels where a breach will turn focus on the 1.3520 levels , a breach will look for the 1.3620 levels, further upside will aim the 1.3710 levels.
Alternatively, a failure to hold above the 1.3324 levels could mean a return to the 1.3243 levels, If seen , a halt is suggest , and the whole rise may resume from 1.3243, but a break below 1.3243 levels will bring consolidation and may retest 1.3104 levels before the next rise ; to completely reverse risks to the downside, the pair needs to clear 1.3104 levels on a daily closing basis.
In all , as long as 1.3104/1.3243 levels hold, the pair will remain biased to the upside with risk towards the 1.3451 levels and beyond .
Support and resistance levels: 1.2745 , 1.2922 (main) , 1.2992 , 1.3066, 1.3104 (main) , 1.3243 , 1.3324 (main) , 1.3451 , 1.3520 , 1.3620 , 1.3710
(Trend strength – daily chart )
- Very Bullish ; above 1.3324
- Bullish: above 1.3243
- Neutral : below 1.3243
- Bearish : below 1.3104
Note that the pair needs to clear 1.3324 on a daily closing basis to attack 1.3451 levels and avoid topping around 1.3324 levels…
Clear : 1 or 2 daily close