The EURUSD continued its bearish momentum yesterday , topped at the 1.2475 levels and bottomed at the 1.2376 levels . This development leaves the pair targeting the 1.2315 levels , a halt is likely , but a cut would open 1.2240 next , further losses will aim the 1.2150 levels .
On the upside , a failure to hold below the 1.2376 levels could mean a return to the 1.2420/1.2475 levels before the next fall , however ; break of the 1.2475 levels on a daily closing basis will bring limited gains towards the 1.2570/1.2600 levels before the next fall.
In all , as long as resistance 1.2475 holds on a daily closing basis , outlook in EURUSD remains on the downside towards the 1.2315 levels ahead of the 1.2240 levels , above the 1.2475 levels faces a recovery risk towards the 1.2570/1.2600 levels before the next fall.
In the medium/ long term forecast , as long as resistance 1.2530/1.2600 holds on a weekly closing basis , outlook in EURUSD remains on the downside towards the 1.2220 levels ahead of the 1.2040/1.1875 levels , above 1.2600 will bring recovery towards the 1.2770/1.2886 levels before the next fall.
Today focus will be on US ADP Nonfarm Employment Change (Nov) at 13:15 and US ISM Non-Manufacturing PMI (Nov) at 15:00 , positive US data is likely to accelerate the expected bearish move , while negative US data could bring limited gains below 1.2475 levels before the next fall. watch out for news near support and resistance levels……*All times are GMT.