Yesterday , the EURUSD declined from the daily resistance at 1.2455 levels and closed at the 1.2369 levels . As a result outlook in EURUSD remains neutral with risk to the downside , stability below the 1.2455 levels on a daily closing basis could mean a return to the 1.2343 levels where a cut will open 1.2446 next , further losses will pave the way towards the 1.2180/1.2100 levels.
On the upside , 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.
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.
Intraday Forecast : intraday outlook in EURUSD has turned neutral , support comes at the 1.2365 levels while resistance comes at the 1.2415 levels. On the upside , stability above the 1.2415 levels on a 4 hour closing basis will build pressure on the 1.2495 levels , If this resistance is taken out , further gains are expected towards the 1.2550 levels ahead of the 1.2600/1.2630 levels. On the downside , a failure to hold gains above the 1.2415 levels could mean a return to the 1.2365 levels , a halt is likely , but a clear break below the 1.2365 levels will terminate the current bullish run and open the area below 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 .