Intraday outlook in EURUSD remains on the downside as long as resistance 1.2480 holds on a 4 hour closing basis , support comes at the 1.2426 levels , losing this level would open the 1.2393 levels ahead of the 1.2357 levels , a cut will open 1.2300 levels , further losses will look for the 1.2230 levels.
On the upside , resistance at the 1.2480 levels , a clear break above the 1.2480 levels on a 4 hour closing basis will turn outlook bullish towards the 1.2576 levels , further upside will aim the 1.2630 levels.
In all , as long as resistance 1.2480 holds on a 4 hour closing basis , outlook in EURUSD remains on the downside towards the 1.2393/1.2357 levels ahead of the 1.2300 levels , sustained trading above the 1.2480 levels on a 4 hour closing basis will turn outlook towards the 1.2576 levels ahead of the 1.2630 levels .
Today , focus will be on EURO zone CPI (YoY) (Oct) at 10:00 , US Retail Sales (MoM) (Oct) & US Retail Sales (MoM) (Oct) at 13:30 , US Michigan Consumer Sentiment (Nov) at 14:55……..Al times are GMT…
At the moment the pair is so close from resistance 1.2480 , positive US data should resume the bearish move , while negative US data could push the pair beyond 1.2480 levels.
Note that daily chart resistance comes at the 1.2497/1.2508 levels , so negative US data could make the pair spike above the 1.2480 levels towards the 1.2497/1.2508 before the next fall , only stability above the 1.2480 on a 4 hour basis could take out 1.2508 levels..