The EURUSD maintained some bearish momentum yesterday, bottomed at the 1.3478 levels, now the pressure will be on the 1.3478 levels. The EURUSD will have to hold below the 1.3478 levels on a daily closing basis to push the market for further downside losses, If seen It will pave the way towards the 1.3385 levels ahead of the 1.3325 levels, a halt is suggested and we might see reversal above 1.3325 levels, but losing 1.3325 levels would open the 1.3243 levels.
Alternatively, a failure to hold, below the 1.3478 levels could mean a return to the 1.3568 levels, a breach will turn the focus on the 1.3710 levels, further upside will aim the 1.3785 levels.
In all, the pair will remain biased to the upside with risk towards the 1.3568/1.3710 levels as long as the 1.3478 levels hold on a daily closing basis, losing the 1.3478 will reverse risks towards the 1.3325/85 levels.
Support and resistance levels: 1.2660, 1.2745 , 1.2922 , 1.2992 , 1.3066, 1.3104 (main) , 1.3243 , 1.3324 ,1.3385 , 1.3478 , 1.3577 , 1.3710 , 1.3785 , 1.3870, 1.4246
(Trend strength – daily chart )
- Bullish: above 1.3478
- Neutral: below 1.3478
- Bearish: below 1.3104