EURUSD: Loses Upside Momentum, Vulnerable To The Downside !

euro-dollar-594

With EURUSD breaking below the key support 1.1270 , a short term resistance has been printed at the 1.1344 levels. This development leaves the pair targeting the 1.1177/1.1131 levels, a halt is very likely and reversal may occur here, however; a cut through the 1.1131 levels will pave the way towards the 1.1048 levels.

On the upside, to prevent the risk of a return to the key support 1.1177/1.1131 , sustained breakout above the 1.1344/1.1379 levels is needed, If seen , It will target 1.1466 next, a halt is likely buy further gains will aim the 1.1533 levels.

Conclusion : As long as 1.1379/1.1344 resistance holds on a 4 hour closing basis, the EURUSD remains under pressure and further down towards the 1.1177/1.1131 levels couldn’t be ruled out , sustained breakout above the 1.1344/1.1379 levels will restore the upside momentum and pave the way towards the 1.1466 levels…

 

EURUSD_Loses Upside Momentum, Vulnerable To The Downside !

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