EURUSD: Outlook Turns Higher To 1.1220 Levels.
The EURUSD maintained a strong bullish momentum last Friday. Bottomed at 1.1093 levels. Topped at 1.1187 level. Now the focus will turn to 1.1187 levels. The EURUSD will have to break and hold above 1.1187 levels on a daily closing basis to push the market for further upside gains. If seen it will target 1.1220 level. A halt is likely, it may test 1.1187 before attempts to break above 1.1220 level. however; above 1.1220 aims the 1.1265 levels. The next resistance comes at 1.1310 levels ahead of 1.1345 levels.
Alternatively, a failure to break and hold above 1.1187 levels on a daily closing basis could mean a return to 1.1125/1.1093 levels. A halt is likely, it may consolidate above that level, but a cut through support will reverse risk to the downside to 1.1038/1.1000 levels.
In conclusion: The EURUSD sees upside threats above 1.1093/1.1125 levels.
Support: 1.1155, 1.1125, 1.1093, 1.1038, 1.1000
Resistance: 1.1187, 1.1220, 1.1265, 1.1310, 1.1345
Note: In the medium-term forecast, static weekly resistance comes at 1.1225 levels (high of the week Jul 21, 2019). This level is supposed to limit the upside move and bring some rejection. A sustained breakout – weekly closing- above that resistance will advance the pair further higher to 1.1340/1.1370 levels. According to the daily timeframe (as shown on the chart below). Fibonacci extension 127.7% comes at 1.1220 level which suggests possible reverse from/around that point…