EURUSD: Loses Recovery Momentum, Faces Downside Pressure…
With EURUSD failing to continue higher – capping its corrective recovery – at the 1.1162 levels, a short term resistance has been printed around 1.1162 levels. While its immediate risk remains higher, the EURUSD will have to break and hold above the 1.1162 levels – on a daily closing basis – to prevent a return to the downside.
Immediate support stands at the 1.1125 levels where a cut will aim the 1.1090 levels. Below here if seen will resume its medium-term weakness towards the 1.1050 level, further down, support comes in the 1.1000 levels.
On the upside, for the pair to resume its corrective recovery. It will have to overcome the 1.1162 level on a daily closing basis. This will increase the risk for 1.1213/1.1238 levels where a break will pave the way to 1.1295 level.
In conclusion: The EURUSD remains exposed to the downside below 1.1162 levels…
Support: 1.1125, 1.1090, 1.1050, 1.1000
Resistance:1.1162, 1.1213, 1.1295, 1.1370
Key data/events which may affect EURUSD today:
- Euro-Zone inflation data at 10:00 GMT.
- U.S Building Permits (Dec) at 13:30 GMT.
- FOMC Member Harker Speaks at 14:00 GMT.
- U.S JOLTs Job Openings (Nov) at 15:00 GMT.
- FOMC Member Quarles Speaks at 17:45 GMT.