EURUSD: Consolidates With Downside Bias!
Recommendations: Short positions below 1.1937 levels with 1.1900 & 1.1860 as next targets.
Alternative scenario: The upside breakout of 1.1937 will bring recovery to the 1.1975/1.2012 levels.
Description: As long as 1.1937 resistance holds on a 4-hour closing basis, the EURUSD remains on the downside to the 1.1900 levels, a halt is likely and it may test 1.1937 before going down, anyway, below 1.1900 will open 1.1860 levels, further down, support comes at the 1.1830 levels. On the upside, a 4-hour closing above 1.1937 will look for 1.1975/1.2012 levels where another fall is likely.
On the daily timeframe, the pair remains bearish as long as trades below 1.1945 levels on a daily closing basis with a risk to 1.1842 levels, a daily closing above 1.1945 will suggest short-term bottoming and pave the way to the 1.2054/1.2135 levels.
Key data events which may affect EURUSD pair today:
1-German ZEW Economic Sentiment (May) at 09:00 GMT.
2- U.S (Core) Retail Sales data at 12:30 GMT.