EURUSD: Still Sees Corrective Threats!
No change, the outlook in EURUSD remains neutral, at the moment, resistance comes at the 1.1784 levels while support comes at 1.1730 levels ahead of the 1.1668 levels. On the upside, the EURUSD will have to break and hold above the 1.1784 levels on a daily closing basis to prevent a return to the downside if seen it will target the 1.1850 levels, a halt is likely, but a breakthrough the 1.1850 levels will aim the 1.1940 levels, further upside, resistance comes at the 1.2030 levels ahead of the 1.2137 levels.
Alternatively, a failure to hold above the 1.1784 levels on a daily closing basis could mean a return to the 1.1732 levels where a cut through that level will aim the 1.1668 levels, it may turn higher from here but if this fails to happen, it will decline to the 1.1525/1.1478 levels.
Conclusion: The EURUSD sees corrective pullback threats as long as trades below the 1.1784 levels on a daily closing basis. A daily closing above the 1.1784 levels will restore the upside momentum. Expected Range: 1.1608 – 1.1800.
Support: 1.1478, 1.1525, 1.1608, 1.1668, 1.1730
Resistance: 1.1784, 1.1850, 1.1940, 12030, 1.2137
- The pair may spike to 1.1850 before falling to 1.1668/1.1608 on FOMC news today.
- The risk of further falls has increased according to momentum indicators.
Key data/events which may affect EURUSD today:
- Fed Interest Rate Decision. at 18:00 GMT
- FOMC Press Conference at 18:30 GMT
stay tuned for updates…