EURUSD Remains In A pullback Mode!

EURUSD Remains In A pullback Mode! USDCHF: Bullish With Eyes On The 0.9800 Levels!

EURO -dollar - 69875

 With EURUSD trading below 1.2058/1.2033 levels, the pair remains vulnerable, further downside is likely in the day ahead, support lies at the 1.1822 levels ahead of the 1.1773 levels (main), a halt is likely and it may turn higher from here, however; below 1.1773 sees a fall risk to the 1.1730 levels, further down, support stands at the 1.1670 levels.


Minor resistance comes at 1.1970, above that level will attack 1.2033/1.2058 levels, support comes at the 1915 levels, below 1915 will aim 1.1860 levels, further down support lies at the 1822 levels (main).

On the upside, immediate resistance comes at the 1.1970levels, a clear break above that level will turn the focus back on the 1.2033 levels, further upside should weaken recent fall and pave the way to the 1.2058/1.2091 levels.

Conclusion: The EURUSD continues to face corrective pullback threats below the 1.2058/1.2033 levels…

Note that a daily closing above 1.2059 will restore the upside momentum and suggest a higher leg above 1.2091, otherwise; it will consolidate below 1.2059 before the next falling…

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The USDCH continues to faces upside threats above the 0.9587 levels with risk to the 0.9800/0.9900 levels, below 0.9587 sees a fall risk to the 0.9420 levels. (Minor support 0.9660).

The EURUSD and USDCHF had a near-perfect negative correlation of -1.00. This implies that 100% of the time when the EUR/USD rallied, USD/CHF sold off (so the opposite is true). This relationship even holds true over longer periods as the correlation figures remain relatively stable.

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