EURUSD: Bearish, Eyes The 1.1590 Levels!
The EURUSD maintained a bearish momentum yesterday, topped at the 1.1756 levels, and bottomed at the 1.1638 levels. This development leaves the pair targeting the 1.1589 levels. A halt is likely but a cut through the 1.1589 levels would open the 1.1530 levels, further down, support comes at the 1.1478 levels.
The upside is limited by 1.1668/1.1730 levels ahead of 1.1756 (main).
On the upside, a failure to hold below 1.1638 levels could mean a return to the 1.1756 levels, above that level will reverse risk to the upside to the 1.1815/1.1850 levels.
Conclusion: The EURUSD sees downside threats below the 1.1756 levels with a risk to the 1.1590 levels. Above 1.1756 will reverse risk to the upside to the 1.1815/1.1850 levels.
Support: 1.1638, 1.1590, 1.1530, 1.1478
Resistance: 1.1668, 1.1730, 1.1756, 1.1815
Key data/events which may affect EURUSD today:
- German Unemployment Change at 07:55 GMT
- EUROZONE Consumer price inflation at 09:00 GMT
Note that data from EuroZone is likely to bring a selling opportunity.