“Vulnerable, Risk Builds Down On The 1.1181 Level”
Outlook in EURUSD remains neutral at the moment. A short term top has been placed on the 1.1385 levels.Now focus will shift on the key support 1.1181.
The EURUSD will have to hold below the 1.1181 levels on a daily closing basis to push the market for further downside losses If seen. It will target 1.1083. A halt is very likely. But a cut will open 1.0958 next. Further down will pave the way towards the 1.0818 levels.
Alternatively. A failure to hold below the 1.1181 levels on a daily closing basis, could mean a return to the 1.1306 levels. A break will open main resistance 1.1385 where strong rejection is very likely, however; If this important resistance is taken out !! The pair will extend gains towards the 1.1466/1.1533 levels.
Conclusion: As long as 1.1306/1.1385 resistance holds on a daily closing basis. The EURUSD remains vulnerable to the downside towards the 1.1181 levels where a cut will open the 1.1083 levels, above 1.1385 will extend gains towards the 1.1466/1.1533 levels…
Note: Intraday support (4-hour) comes at the 1.1209 levels, a clear break below this level will suggest a lower leg below the 1.1150 levels…..resistance comes at the 1.1255/1.1330 levels ahead of the 1.1385 levels (main).