The EURUSD continued its bearish momentum today, topped at 1.1330 levels and bottomed at the 1.1240 levels. Now focus will shift on the 1.1240 levels.
The EURUSD will have to hold below the 1.1240 levels on a 4-hour closing basis to push the market for further downside losses, If seen , It will target 1.1177 , a halt is likely but a cut would open 1.1131 next , further down will pave the way towards the 1.1048 levels.
Alternatively, a failure to hold below the 1.1240 levels on a 4 – hour closing basis, could mean a return to critical resistance 1.1330 where fall resumption is very likely , however, a clear break above the 1.1330 levels will challenge main resistance at the 1.1385 levels. If this important resistance is taken out, the pair will extend gains towards the 1.1466/1.1533 levels..
Conclusion : as long as 1.1330/1.1385 resistance holds on a 4-hour closing basis, short term outlook in EURUSD remains on the downside towards the 1.1177 levels ahead of the 1.1131 levels, above 1.1385 will extend gains towards the 1.1466/1.1533 levels..