EURUSD Continues Recovery But With Caution!
With EURUSD closing higher for the second day in a row, it has ended the day clearing the 1.0573 levels, as a result; expect the pair to recapture the 1.0614 levels. At this point, it’s likely to face a corrective weakness around 1.0614 levels, in such a case, support lies at the 1.0573 levels ahead of the 1.0534 levels where a cut will resume medium-term downtrend and set the stage for a run to the 1.0480 levels, further down, support stands at the 1.0400 levels ahead of the 1.0340 levels.
On the upside, the pair will have to break and hold above the 1.0614 levels on a daily closing basis to set a scope for further strength towards the 1.0679/1.0708 levels where a break will aim the 1.0811 levels.
Conclusion: The EURUSD continues to face recovery threats above the 1.0534 levels with risk to the 1.0614 levels, below 1.0534 will reverse risk to the 1.0480 levels and possibly lower to the 1.0400 levels…