“EURUSD painful ending of 2014 is insight ! “
The EURUSD continued its bearish momentum last week , topped at the 1.2569 levels and bottomed at the 1.2219 levels. This development leaves the pair targeting the 1.2030 levels , a halt is likely , but a cut will bring sell-off towards the 1.1800 levels ahead of the 1.1500 levels .
On the upside , resistance comes at the (1.2374 , 1.2485) levels ahead of the 1.2569 levels (main) , break of the 1.2569 levels on a weekly closing basis is needed to signal short term bottoming ,If seen , risk will be reversed towards the 1.2886 levels !! otherwise risk will remain on the downside , even in case of recovery !….
In all , as long as 1.2569 resistance holds on a weekly closing basis , outlook in EURUSD remains on the downside towards the 1.2030 levels ahead of the 1.1800 levels , a clear break above the 1.2569 levels is needed to reverse risk towards the 1.2886 levels…