Outlook in EURUSD remains on the downside as long as 1.1000/1.1175 resistance holds on a weekly closing basis , support comes at the 1.0820 levels . At this point I’d expect strong support from the 1.0820 levels to contain fall from the 1.1533 levels and bring rebound , however , sustained breakout – weekly closing – below the the 1.0820 levels will have large bearish implication towards the 1.0132 levels ahead of the 0.9888 levels .
On the upside , a failure to hold below the 1.0820 levels could mean a return to the 1.1000/1.1175 , a halt is strongly suggested , however , a clear break above the 1.1175 levels will suggest short term bottoming and pave the way towards the 1.1533 levels.
In all , as long as 1.1000/1.1175 resistance holds on a weekly closing basis , outlook in EURUSD remains on the downside towards the 1.0820 levels where a cut will bring sell-off towards the 1.0132/0.9888 levels. above the 1.1175 will bring rebound towards the 1.1533 levels ..