EURUSD: Consolidates With Upside Bias But With Caution!
The Outlook in EURUSD has turned neutral at the moment. Support comes at 1.1350 level while resistance comes at 1.1422 level. The EURUSD will have to break and hold above 1.1422 levels on a daily closing basis to prevent a return to the downside. If seen it will target 1.1465 level. A halt is likely, it may test 1.1422 before attempts to break higher. Anyway; above 1.1465 aims 1.1537 level, further upside, resistance comes at 1.1608 level.
On the upside, a failure to hold above 1.1422 level on a daily closing basis could mean a return to 1.1350 level. Below 1.1350 faces pullback threats to 1.1285 level, further down, support comes at 1.1215 level.
Conclusion: The EURUSD sees upside threats above 1.1350 with caution…
Support: 1.1350, 1.1285, 1.1215, 1.1155
Resistance: 1.1422, 1.1465, 1.1537, 1.1608
Key data/events which may affect EURUSD today:
- Germany will report on ZEW Economic Sentiment (Dec) at 10:00 GMT. The forecast is to fall -25.0, from -24.0 a month earlier. The above forecast will support the EURUSD.
- The British parliament will vote on Prime Minister Theresa May’s Brexit plan that she negotiated with Brussels.
- The U.S will report on producer price inflation at 13:30. The forecast is to fall
0.0% , from 0.6% in the previous month. The above forecast supports the USD.