Monthly outlook in EURUSD remains on the downside as long as resistance 1.3130 holds on a monthly closing basis , support comes at the 1.2635 levels , a halt is likely , but losing this level on a monthly closing basis , will pave the way towards the 1.2130/ 1.2040 levels , further losses will aim the 1.1875 levels .
On the upside , a rejection from the 1.2625 levels could mean a return to the 1.3130 levels a halt is likely , but a break of 1.3130 on a monthly basis will put the pair in recovery mode , but recovery above the 1.3130 levels should be limited below the 1.3585 levels, If this important resistance is taken out , next resistance will be 1.3993/1.4355 levels.
In all , as long as resistance 1.3130 holds on a monthly closing basis , monthly outlook in EURUSD remains on the downside towards 1.2635 levels ahead of the 1.2040 levels , break of the 1.3130 levels will bring limited recovery towards the 1.3585 levels before the next fall.
Time Frame : Monthly
Bearish Zone : Below 1.3130 levels.
Recovery Zone : Between 1.3130 – 1.3585 levels.
Bullish Zone : Above 1.3585 levels.