With breaking below the 1.2815 levels last week , further downside is likely and couldn’t be ruled out , next support comes at the psycho level 1.2500, a halts is likely , but losing this level on a weekly closing basis will bring a lower leg below the 1.2000 levels ..
On the upside , minor support comes at the 1.2500 levels , a rejection from the 1.2500 levels followed by a clear break above the 1.2815 levels on a weekly closing basis , will suggest false bearish breakout below the 1.2815 levels , If seen , a short term bottom will be confirmed and recovery towards the 1.3444 levels is likely before the next move..
In all, as long as resistance 1.2815 holds on a weekly closing basis , medium term outlook in EURUSD remains on the downside towards the 1.2389/1.2041 levels and possible lower towards the 1.1875 levels , a clear break above the 1.2815 on a weekly basis will bring recovery towards the 1.3333/1.3444 levels before the next move…
