The EURUSD continued its recovery yesterday , but closed below resistance 1.2455 at the 1.2446 levels .This early morning , the pair jumps to 1.2494 levels. As a result ; outlook in EURUSD remains neutral with risk to the downside , resistance comes at the 1.2455 levels , break of 1.2455 levels on a daily closing basis will open 1.2530 next , further upside will aim the 1.2600/1.2630 levels.
On the downside , a rejection from the key resistance 1.2455 could mean a return to the 1.2343 levels , a cut would open 1.2246 next , further losses will pave the way towards the 1.2180 levels.
In all , as long as 1.2455 resistance holds on a daily closing basis , outlook in EURUSD remains on the downside towards the 1.2343/1.2246 levels , above 1.2455 will open 1.2530/1.2600 levels.
Note that the daily closing above 1.2376 levels could push the pair higher beyond 1.2455 levels !!!!
Intraday forecast : As long as 1.2435 support holds on a 4 hour closing basis , Intraday outlook in EURUSD remains on the upside towards the 1.2495 levels , a halt is likely , but a break would open 1.2550 next , further upside will aim the 1.2630 levels. On the downside , losing the 1.2435 levels on a 4 hour closing basis should weaken the current bullish run for retesting the 1.2365 levels , a halt is likely where another rise is suggested , but a clear break below the 1.2365 levels will terminate the current bullish run and open 1.2246 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 .