Outlook in EURUSD has turned neutral at the moment , resistance comes at the 1.1036 levels , a failure to hold above the 1.1036 levels on a daily closing basis could mean a return to the 1.0577 levels , a halt is likely , but a cut will restore the downside momentum and open the 1.0460 levels , further down will pave the way 1.0320/1.0200 levels..
On the upside , resistance comes at the 1.1036 levels , sustained breakout – daily closing – above the 1.1036 levels will build strong pressure on the 1.1182 levels . At this point I’d expect strong resistance from the 1.1182 levels to limit any upside move and bring fall resumption …..
In all , As long as 1.1036/1.1182 holds on a daily closing basis , outlook in EURUSD remains on the downside even in case of recovery , below 1.0577 will bring fall resumption and open the 1.0327/1.0200 levels..
Intraday : As long as 1.0794 resistance holds on a 4 hour closing basis , outlook remains on the downside , support comes at the 1.0615 levels , It’s the last support level that protects rise from the 1.0461 levels , a clear break below the 1.0615 levels will suggest that rise from the 1.0461 levels is over , and a lower leg below the 1.0461 levels is strongly suggested , however ; a failure to break below the 1.0615 levels could mean a return to the 1.0794 , a halt is likely but a clear break will open 1.1036 levels …
Conclusion : sustained breakout below the 1.0615 levels followed by a daily closing below the 1.0577 levels will restore the downside momentum …………..