Outlook in EURUSD remains on the downside as long as resistance 1.2930 holds on a daily closing basis. Support comes at the 1.2826 levels, losing this level will open 1.2735 next. Further losses will pave the way towards the 1.2620 levels head of the 1.2500 levels.
On the upside, resistance comes at the 1.2865 levels ahead of the 1.2930 levels, above the 1.2930 would weaken the current bearish run for retesting the 1.3000 levels before the next fall.
In all, as long as resistance 1.2930/1.3000 holds on a daily closing basis, the outlook in EURUSD remains on the downside towards the 1.2730 levels and possibly lower towards the 1.2620 levels, above the 1.2930 will bring small recovery towards the 1.3000 levels before the next fall.
Time Frame: Daily
Bearish Mode: Below 1.3000
Recovery Mode: Above 1.3000
Bullish Mode: Above 1.3561
Key events which may influence EURUSD today:
- ECB President Draghi Speaks – at 13:00 GMT: As President of the European Central Bank, he has more influence over the EUR value than any other person, his comments may determine a short-term positive or negative trend. volatility is expected !!!!!
- U.S Existing Home Sales – at 14:00 GMT: Any rise above the 5.20 M is likely to accelerate the bearish move while negative data could push the pair for retesting the nearest resistance before the next fall…
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