Despite the strong rise we witnessed yesterday , outlook in EURUSD remains neutral with risk to the downside as long as resistance 1.2392/1.2455 holds on a daily closing basis , support comes at the 1.2343 levels , sustained trading – daily closing below this level will open 1.2246 next , a halt is likely but a cut would open 1.2180 levels , further down will aim the 1.2100/1.2040 levels.
On the upside , resistance comes at the 1.2392/1.2455 levels , a daily closing above the 1.2455 levels will reverse risk to the upside towards the 1.2530 levels ahead of the 1.2600 levels.
In all , as long as 1.2392/1.2455 resistance holds on a daily closing basis , outlook in EURUSD remains on the downside towards 1.2246/1.2180 levels .Above the 1.2455 level will bring strong rebound towards the 1.2600 levels .
Intraday forecast : As long as 1.2365 support holds on a 4 hour closing basis , further upside couldn’t be ruled out towards main resistance at the 1.2432 levels where strong rejection is suggested , however ; sustained trading above the 1.2432 levels will open 1.2530 levels ahead of the 1.2600 levels . On the downside , a clear break below 1.2365 levels will reverse risk towards the 1.2320 levels ahead of the 1.2446 levels.
In the medium term forecast , as long as 1.2375 holds on a weekly closing basis the pair is very bearish and a lower leg below 1.2042 towards 1.1875 is strongly suggested , a weekly closing above the 1.2375 levels will turn outlook neutral for retesting main resistance at the 1.2613 levels , but overall outlook will remain to the downside as long as 1.2613 holds on a weekly closing basis .