EURUSD: Bullish But Hesitates Ahead Of 1.1825 Level…
The EURUSD remains on the upside as long as 1.1575 support holds on a weekly closing basis. Resistance comes around 1.1825 levels. A halt is likely but a break would open 1.2100 next, further upside, resistance comes in the 1.2300 levels.
On the downside, support comes in the 1.1575 levels. Below 1.575 – weekly closing basis – sees corrective pullback threats to 1.1370/1.1235 levels before another rising.
In conclusion: The EURUSD sees upside threats above 1.1575 level in the medium-term forecast.
Support: 1.1575, 1.1370, 1.1235, 1.1144
Resistance: 1.1825, 1.210, 1.2300, 1.2550
For today: The pair sees corrective pullback threats as long as trades below 1.1938 on a daily closing basis. The main support comes at 1.1753/1.1689 levels. A consolidation within 1.1689/1.1907 is likely. Above 1.1907 restores the upside momentum. Below 1.1689 extends the corrective pullback to 1.1605/1.1540 levels.
Support: 1.1753, 1.1689, 1.1605, 1.1540
Resistance: 1.1938, 1.1995, 1.2060, 1.2138
Key data/events which may affect EURUSD this week:
- German ZEW Economic Sentiment (Aug) on Tuesday at 09:00 GMT
- U.S PPI (MoM) (Jul) on Tuesday at 12:30 GMT.
- U.S CPI/Core CPI (MoM) (Jul) on Wednesday at 12:30 GMT.
- U.S Initial Jobless Claims on Thursday at 12:30 GMT.
- U.S (Core) Retail Sales (MoM) (Jul) on Friday at 12:30 GMT.