EURUSD: Bearish, Eyes Further Downside!
As long as 1.1590 resistance – broken support turned resistance – holds on a daily closing basis, the EURUSD remains on the downside to the 1.1530 levels, a halt is likely and it may test 1.1590 levels before another fall, below 1.1530 will aim the 1.1478 levels, further down, support comes at the 1.1407 levels.
On the upside, above 1.1590 will look for the 1.1638 levels before another fall, above1.1638 will target the main resistance at the 1.1756 levels.
Conclusion: The EURUSD continues to face downside threats below 1.1590 levels.
Support: 1.1530, 1.1478, 1.1407, 1.1345
Resistance: 1.1590, 1.1638, 1.1756, 1.1815
Key data/events which may affect EURUSD today:
Fed Chair Powell Speaks at 16:00 GMT. He will speak about employment and inflation expectations at the annual meeting of the National Association for Business Economics in Boston. Questions may be asked after the speech. (Volatility is expected).