Outlook in EURUSD remains neutral at the moment . On the upside , resistance comes at the 1.1051 levels , sustained breakout above the 1.1036 levels will open 1.1182 levels , a halt is likely , but a break would open 1.1315 /1.1379 next , further upside will pave the way towards the 1.1539 levels.
On the downside , support comes at the 1.0970 levels ahead of the 1.0855 levels , losing both levels will open main support level around 1.0712 levels , we might see hesitation but a clear break below this level will restore the downside momentum and open the 1.0580/1.0461 levels .
In all , the EURUSD is likely to consolidate within 1.0712/1.1051 range before the next move , above 1.1051 will open 1.1182 before the next possible fall , below 1.0766 will restore the downside momentum and open the 1.0850/1.0461 levels..
Support and resistance : 1.0400/1.0461/1.0580/1.0655/1.0712(main)/1.0855/1.0970/1.1051(main) , 1.1182 (main) , 1.1315 ,/1.1379/1.1539/1.1679
Short term trend : Neutral
Long / medium term trend : Downward
Key data (events) which may affect EURUSD pair this week :
1- Market remains closed in Europe for holidays, Monday…
2- Spanish Unemployment Change . Monday at 07:00
3- U.S ISM Non-Manufacturing PMI (Mar) . Monday at 14:00
4- EURO zone Services PMI (Mar) . Tuesday at 08:00
5- German Factory Orders (MoM) (Feb) Wednesday at 06:00
6- EURO zone Retail Sales (MoM) (Feb) . Wednesday at 09:00
7- FOMC Meeting Minutes . Wednesday at 18:00
8 – U.S Initial Jobless Claims . Thursday at 12:30
9- U.S Federal Budget Balance (Mar) . Friday at 18:00
* All times are GMT…
Conclusion : Long and medium term trend remains down but short term is neutral with neutral , with the key resistance 1.1031 intact on a weekly closing basis , further down couldn’t be ruled out , anyway , watch out for news near support and resistance levels .