Outlook in EURUSD has turned neutral with risk to the downside , resistance remains at the 1.2508 levels, a failure to hold above the 1.2508 levels on a daily closing basis could mean a return to the 1.2393 levels where a cut will call for a fall towards the 1.2357 levels , further losses will aim the 1.2230/1.2042 levels .
On the upside , resistance comes at the 1.2508 levels , break of the 1.2508 levels on a daily closing basis , will put the pair in recovery mode , but recovery above the 1.2508 levels should be limited by the 1.2576/1.2630 levels where fall resumption is likely , however ; sustained trading – daily closing – above the 1.2630 levels will bring strong recovery towards the 1.2770/1.2886 levels before the move !!!
In all , as long as resistance 1.2508 holds on a daily closing basis , outlook in EURUSD remains on the downside towards the 1.2357 levels ahead of the 1.2230 levels , above 1.2508 faces a recovery risk towards the 1.2576/1.2630 levels before the next fall.