The EURUSD continued its bearish momentum yesterday , printed resistance at the 1.2740 levels .This development leaves the pair targeting the 1.2570 levels , a halt is likely , but losing the 1.2570 levels will turn focus on the 1.2485 levels , further downside will aim the 1.2389 levels.
On the upside , resistance comes at the 1.2740 levels , break of the 1.2740 levels on a daily closing basis , will turn outlook neutral towards the 1.2886 levels , If this resistance is taken out , focus will be on 1.2994 levels .
In all , as long as resistance 1.2740 holds on a daily closing basis , outlook in EURUSD remains on the downside towards the 1.2580 levels ahead of the 1.2485 levels , above the 1.2740 levels will reverse risk towards the 1.2886 levels ahead of the 1.2994 levels.
Today focus will be on German Manufacturing PMI (Oct) at 07:30 GMT and US Initial Jobless Claims at 12:30 GMT. Any positive data for EURUSD , should be taken as opportunity to short the pair at resistance levels while negative data for EURUSD is supposed to accelerate the expected bearish move ..