The EURUSD Maintained a bullish momentum yesterday , printed support at the 1.2442 levels and topped at the 1.2546 levels .This development leaves the pair targeting the 1.2576 levels , a halt is likely , but a breach will turn focus on the 1.2638 levels where strong rejection is suggested . If this important resistance is taken out , expect the pair to strengthen further towards the 1.2770 levels ahead of the 1.2886 levels.
On the downside , support comes at the 1.2442 levels , losing this level on a daily closing basis will suggest that rise from 1.2357 levels is likely over , If seen , a lower leg below 1.2357 is suggested towards the 1.2300 levels , further losses will aim the 1.2200 levels ahead of the 1.2042 levels.
In all ,as long as support 1.2442 holds on a daily closing basis , outlook in EURUSD remains on the upside towards the 1.2576 levels ahead of the 1.2638 levels , below 1.2442 will reverse risk towards the 1.2300 levels ahead of the 1.2200 levels.
Support and resistance :1.2042 , 1.2200 , 1.2300 , 1.2357 , 1.2393 , 1.2442 , 1.2546 , 1.2576 , 1.368 , 1.2770 , 1.2886 , 1.2994
Today focus will be on US Building Permits (MoM) (Oct) at 13:30 GMT, followed by the high importance FOMC Meeting Minutes at 19:00 GMT , volatility is strongly suggested ………