The EURUSD continued its bullish momentum few hours ago , printed a new support at the 1.2790 levels . This development leaves the pair targeting the 1.2886 levels , a halt is likely , but a break will open 1.2950 levels , further upside will pave the way towards the 1.3025 levels.
On the downside , support comes at the 1.2790 levels , losing this this level on a 4 hour closing basis would delay the bullish move for retesting the 1.2735 levels before the next rise .If 1.2735 fails , a corrective pullback towards the 1.2624 levels is likely before the next possible rise .
In all , as long as support 1.2735/1.2790 holds on a 4 hour closing basis , Intraday outlook in EURUSD remains on the upside towards the 1.2886 levels ahead of the 1.2950 levels , below 1.2735 will bring a corrective pullback towards the 1.2624 levels before the next possible rise.
- Stability above the 1.2825 levels will accelerate the expected bullish move.
- Today Focus will be US Existing Home Sales (Sep) at 14:00 GMT , Negative US data will accelerate the expected bullish move , while positive data could bring pullback.