Strong Recovery In Sight
The EURUSD continued to consolidate around the 1.3335 levels for the third week in a row , printed resistance at the 1.3433 levels , and a temporary support was confirmed at the 1.3335 levels last week . As a result ; outlook in EURUSD has turned neutral with possible risk to the downside .
On the downside , sustained trading – weekly closing – below the 1.3335 levels is needed to resume the downside trend , If seen , the pair will have large bearish implication towards the 1.3150 levels where a cut will turn focus on the 1.2900 levels…….
On the upside , a failure to hold below the 1.3335 levels on a weekly closing basis , could mean a return to the 1.3433 levels , sustained trading – weekly closing – above the 1.3433 levels will confirm bottoming at the 1.3332 levels and bring strong recovery towards the 1.3650/1.3700 levels……a halt is strongly suggested , and fall from 1.3993 might resume from that point …but?!!!! break of of the 1.3700 levels on a weekly closing basis will suggest tat the whole fall from the 1.3993 levels is likely over at the 1.3332 levels , If seen , we should see a least a retest the the 1.3882/1.3993 levels or a higher leg above the 1.3993 levels….
In all , the EURUSD is likely to consolidate within 1.3335/1.3433 range , below 1.3335 will aim the 1.3150/1.2900 levels , while above the 1.3433 levels will target the 1.3650/1.3700 levels…….but overall outlook will remain – cautiously – bearish below 1.3433 (weekly basis)…..