EURUSD: Faces Pullback Threats With Caution…
The EURUSD remains in a pullback mode as long as 1.1350 resistance holds on a daily closing basis. Support comes at 1.1260 level. A halt is likely, it may consolidate around 1.1260 before the next move. Anyway, below 1.1260 sees more weakness to 1.1178 level. It’s critical support, below 1.1178 faces fall threats to 1.1092 level, further down, support comes in the 1.1020 levels.
On the upside, immediate resistance comes at 1.1350 level. At this point; the EURUSD will have to break and hold above the 1.1350 level to prevent a return to the downside. If seen, it will target the 1.1405 levels. It may test 1.1360 before attempts to break above 1.1405 level. The next resistance comes at 1.1460 level ahead of 1.1540 level.
In conclusion: The EURUSD remains exposed to the downside below 1.1350 level with caution…
Support: 1.1260, 1.1178, 1.1092, 1.1020, 1.0893
Resistance: 1.1350, 1.1405, 1.1460, 1.1540, 1.1605
Key data/events which may affect EURUSD today:
- U.S Producer Price Index (PPI) at 12:30 GMT.