Intraday outlook in EURUSD remains on the downside as long as resistance 1.2634 holds on a 4 hour closing basis , a failure to hold above the 1.2634 levels on a 4 hour closing basis could mean a return to the 1.2570 levels where a cut will open 1.2540 levels ahead of the 1.2500 levels . we might see hesitation around this level , but further downside will pave the way towards the 1.2450 levels ahead of the 1.2390 levels..
On the upside , resistance comes at the 1.2634 levels , a clear break above this level on a 4 hour closing basis , will put the pair in recovery mode , but recovery above the 1.2634 levels should be limited by the 1.2715/1.2765 levels …
In all , as long as resistance 1.2634 holds on a 4 hour closing basis , intraday outlook in EURUSD remains on the downside towards the 1.2540/1.2500 levels and possible lower towards the 1.2450/1.2389 levels , above the 1.2634 levels , the pair faces a recovery risk..
Key data which may influence EURUSD today :
- German Manufacturing PMI at 07:55
- US ADP Nonfarm Employment Change at 12:15
- US ISM Manufacturing PMI at 14:00
* All Times Are GMT