EURUSD: Bearish, Eyes Further Downside With Caution!
Outlook in EURUSD remains on the downside as long as 1.0653/1.0700 resistance holds on a daily closing basis, support comes at the 1.0569 levels. At this point, I’d expect a strong support from the 1.0569 levels to contain fall from 1.0905 and bring rebound or consolidation above that level before the next move, however; a cut through the 1.0569 levels will extend weakness to the 1.0480 levels, further down, support stands at the 1.0380 levels.
Alternatively, a failure to break and hold below the 1.0569 levels could mean a return to the 1.0600 levels where a break will turn the focus on the 1.0653 levels ahead of the 1.0700 levels, next resistance comes at the 1.0768 levels.
Conclusion: The EURUSD continues to face downside threats below the 1.0768 levels even in the case of a rebound…