EURUSD: Bullish, But Hesitates Ahead Of The 1.1783 Levels!
As long as 1.1732 support holds on a daily closing basis, the EURUSD remains neutral with a risk to the upside, a failure to hold below the 1.1732 levels on a daily closing basis could mean a return to the 1.1802 levels where a break will aim the 1.1850 levels. A halt is likely and it may turn lower from here to test 1.1783 levels but if this fails to happen, look for further upside gains to the 1.1937 levels, next resistance comes around the 1.2030 levels.
On the downside, support comes at the 1.1732 levels, below that level extend the corrective pullback from the 1.1802 levels to the 1.1668 levels where another rise is suggested, however; below 1.1668 sees further weakness to the 1.1608 levels.
Intraday resistance comes at the 1.1747 levels, below that level will remain under pressure with risk to 1.1715/1.1695/1.1668 levels. Above 1.1747 on a 4-hour closing basis will challenge 1.1802 levels.
Conclusion: The EURUSD sees upside threats above 1.1732 levels with a risk to the 1.1850 levels, below 1.1732 faces corrective threats to the 1.1668/1.1608 levels before the next rising…
Support and resistance: 1.1335, 1.1407, 1.1478, 1.1525, 1.1608, 1.1668, 1.1732, 1.1802, 1.1850, 1.1937, 1.2030, 1.2137
On the weekly timeframe, the pair is bullish above 1.1617 with eyes on the 1.1940 levels, above that level will aim the 1.2150 levels ahead of the 1.2288 levels. On the downside, a rejection from the 1.1802 levels could mean a return to the 1.1617 levels where another rise os likely, below that level look for the 1.1370 levels.
Key data/events which may affect EURUSD today:
- German Ifo Business Climate Index at 08:00 GMT
- ECB President Draghi Speaks at 13:00 GMT.