EURUSD: Risk Builds Up On The 1.1290/1.1330 levels, Support 1.1218 !

EURO -dollar - 69875

With EURUSD reversing its losses to close higher yesterday, immediate risk has shifted to the upside, the pair has already found support at the 1.1218 levels on a 4- hour closing basis, stability above this level could mean a return to the 1.1290 levels where a break will open 1.1330 next, further upside resistance comes at the 1.1366 levels.

On the downside, support comes at the 1.1218 levels, losing this level on a 4-hour closing basis, will suggest a short term topping and open the 1.1156 levels, a cut would open 1.1130 before the next possible rise, however; further down will terminate the bullish scenario and increase the risk towards the 1.1040 levels.

Conclusion: As long as 1.1218 support holds on a 4 hour closing basis, short term outlook in EURUSD remains on the upside towards the 1.1290/1.1330 levels, below 1.1218 faces a pullback risk towards the 1.1156/1.1130 levels before the next rise.

EURUSD Risk Builds Up On