Outlook in EURUSD remains neutral with risk to the downside at the moment , resistance comes at the 1.1422 levels , a failure to hold above the 1.1422 levels on a daily closing basis could mean a return to the 1.1223 levels , a halt is likely , but losing the 1.1223 levels on a daily closing basis is needed to restore the downside momentum , If seen , focus will be on the 1.1113 levels ahead of the 1.0959 levels.
On the upside , a failure to hold below the 1.1223 levels could mean a return to the 1.1422 levels , a halt is likely , but break of the 1.1422 levels on a daily closing basis will signal short term bottoming and open 1.1539 levels before the next fall , however ; If this resistance is taken out , further upside towards the 1.1679 levels is likely !
In all , as long as 1.1422 resistance holds on a daily closing basis , outlook in EURUSD remains on the downside towards the 1.1223 levels ahead of the 1.1113 levels , above 1.1422 will bring recovery towards the 1.1539 levels.
- Intraday : A short term resistance has been printed at the 1.1422 levels , so as long as 1.1422 holds on a 4 hour closing basis , the pair remains under pressure and further down couldn’t be ruled out , below 1.1223 will accelerate the the bearish move, but in return , sustained breakout above the 1.1422 levels will extend the bullish move towards the 1.1539 levels and possible higher…
- In the medium term outlook : Any upside move should be limited below 1.1679 levels , sustained trading above this level on a daily closing basis will terminate the current bullish trend and bring strong rebound towards the 1.2200 levels.