EURUSD: Risk Turns Higher To The 1.0770 levels.
The EURUSD maintained a bullish momentum yesterday, bottomed at the 1.0636 levels and topped at the 1.0735 levels.
This development leaves the pair targeting the 1.0770 levels, a halt is likely and it may turn lower from here, but if that fails, more upside will develop to the 1.0838 levels, further upside, resistance comes at the 1.0905 levels.
On the downside, immediate support comes around 1.0700 levels ahead of 1.0636 levels (main), below that level will terminate recent rise and turn the focus on the 1.0604/1.0569 levels.
Conclusion: The EURUSD sees upside threats above the 1.0636 to the 1.0770 levels, below 1.0636 faces a fall risk to the 1.0604/1.0569 levels…
In medium term outlook, fall from 1.0905 has not over yet, stability below 1.0770 levels on a daily closing basis could mean a lower leg below 1.0569 levels. Above 1.0770 will pave the way to the 1.0905 levels and possibly higher…anyway; note that 61.8% retracement of 1.0493/1.0905 run comes around 1.0750 levels which are so close from static resistance 1.0770….At this point, momentum indicators suggest a spike to 1.0770 levels before falling once again….In all cases, keep in mind the pair is bullish above 1.0636 levels in the short term forecast, above 1.0770 will set up the pair for further upside offensive towards the 1.0905 levels and possibly higher.