EURUSD: Vulnerable Despite Recovery Attempts

EURO-Dollar-min

Yesterday was the second try to bottom at 1.2922, after failing at 1.3058 last week, now pressure will be on the key resistance 1.3078, break of 1.3078 will open the way towards 1.3150, to neutralize the bearish threat , it needs a daily close above 1.3150, If seen, Intraday bias will turn bullish in short term and in medium term , it will turn from bearish to neutral, break of 1.3150 will open the way for retesting 1.3250/300 levels.

On the downside, a failure to hold above 1.3078/1.3150 levels on a daily closing basis, could mean a return to the 1.2922 levels, break of 1.2922 sooner or later would target 1.2790 levels where a halt is suggested and another try of bottoming may start there.

In all, as long as 1.3078/1.3150 levels hold on a daily closing basis, the pair will remain biased to the downside with risk towards 1.2790 levels.

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