Outlook in EURUSD remains neutral at the moment , the pair is trapped within 1.0766/1.1051 rage . On the upside ; sustained breakout above the 1.1051 will have large bullish implication towards the 1.1182 levels , a halt could be seen , but a clear break will suggest bottoming in mid-term outlook and open 1.1500/1.2000 levels..
On the downside , sustained breakout below the 1.0766 levels , will restore the downside momentum and open the 1.0580/1.0461 levels , further down will target the 1.0400..
In all , the EURUSD is likely to consolidate within 1.0700/1.1051 range before the next move , above 1.1051 will open 1.1182 while below 1.0766/1.0712 will open 1.0461 levels..
Intraday : Intraday outlook has turned neutral with risk to the downside , resistance comes at the 1.0880 levels , a failure to hold above the 1.0880 levels on a 4 hour closing basis could mean a return to the 1.0800 levels , where a cut will open 1.0777 levels , a halt is likely but further down will open 1.0700 levels ..
On the upside , resistance comes at the 1.0880 levels , sustained breakout above the 1.0880 levels will open 1.0946/1.0980 levels before the next fall………..however ; sustained breakout above the 1.0980 levels is needed to reverse risk to the upside………
In all , as long as 1.0880 resistance holds on a 4 hour closing basis , short term outlook in EURUSD remains on the downside towards the 1.0800/1.0777 levels ahead of the 1.0700 levels , break of the 1.0880 levels will reverse risk towards the 1.0946/1.0980 levels before the next fall..
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