EURUSD Under Pressure, Resistance 1.3738 !

EURO-Dollar-min

The EURUSD maintained a strong bearish momentum yesterday , topped at the 1.3738 levels and bottomed at the 1.3574 levels, now pressure will be on the 1.3574 levels.The EURUSD will have to hold below the 1.3574 levels on a daily closing basis to push the market for further downside losses, If seen ,It will target the 1.3505 levels, a halt is suggested , but a breach will turn focus on the 1.3415 levels, further losses will aim the 1.3317 levels.

Alternatively, a failure to hold below the 1.3574 levels on a daily basis, could mean a return to the 1.3738 levels, break of this level on a daily basis will have large bullish implication towards the 1.3870 levels ahead of 1.4025 levels, break of 1.4025 will aim the 1.4280 levels.

Overall, the pair will remain under pressure with risk towards the 1.3505 levels ahead of 1.3415 levels as long as 1.3738 holds on a daily basis, a break of 1.3738 would reverse risks to the upside and open 1.4000 levels.

Note that we have strong demand zone within 1.3300/1.3500 range , this level should bring ┬árebound to the upside to resume the whole bullish move towards 1.4000 levels , so we need to evaluate pair’s activities within this range anticipating ┬árebound to the upside !

 

MARKET DATA

UPCOMING ECONOMIC EVENTS

3 COMMENTS

  1. We need to keep an eye on the 1.3500 levels , It’s psychological level , round number, 127.2% of 1.3832/1.3574, It’s 50% retracement of the big run (1.2042/1.4939), so the pair may try bottoming around this area !!!!

  2. For today, short after rejection below 1.3574 with 1.3530 and 1.3500 as next target, break of 1.3574 on hourly basis would open 1.3630/1.3650 levels , a halt is suggested but break of 1.3650 would open 1.3690/715 levels.

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