The EURUSD failed to hold gains above the 1.2825 levels yesterday , declined below the 1.2735 levels and printed resistance at the 1.2760 levels ahead of 1.2840 levels .As a result ; Intraday outlook in EURUSD has turned neutral with risk to the downside as long as resistance 1.2760 holds on a 4 hour closing basis , support comes at the 1.2705 levels , losing this level would open 1.2640/1.2624 next , a cut will resume fall from 1.2840 levels and pave the way towards the 1.2500 levels .
On the upside , resistance comes at the 1.2760 levels , break of 1.2760 on a 4 hour closing basis should weaken the last bearish run and turn focus on the 1.2840 levels , to resume rise from 1.2500 levels , 1.2840 should be taken out , If seen , focus will be on the 1.2950/1.3000 levels.
In all , as long as resistance 1.2760 holds on a 4 hour closing basis , Intraday outlook in EURUSD remains on the downside towards the 1.2700 levels ahead of the 1.2624 levels , break of 1.2760 levels will bring recovery towards the 1.2840 levels before the next move .
Support and resistance : 1.2500, 1.2580 , 1.2620 , 1.2705 , 1.2760 , 1.2840 , 1.2886 , 1.2950
Fundamental Outlook :
Today focus will be on US Core CPI (MoM) (Sep) at 12:30 GMT , we have 3 scenarios :
- A reading within 0.1% : 03% range will bring sideways move within support and resistance range, 1 level could be broken up or down!
- A reading above 0.3% will bring bearish move , 1 or 2 support level(s) could be broken .
- A reading below 0.1% will bring bullish move , 1 or 2 resistance level(s) could be taken out ..
Note : use fundamental outlook to confirm technical move ?!!