Outlook in EURUSD has turned neutral with risk to the downside , resistance comes at the 1.1036 levels , a failure to hold above the 1.1036 levels on a weekly closing basis could mean a return to the 1.0461 levels where a cut will bring a free fall towards the 1.0170 levels , a halt is likely but further down will pave the way towards the 0.9800 levels ahead of the 0.9400 levels .
On the upside , resistance comes at the 1.1036 levels At this point I’d expect strong resistance from the 1.1036 levels to limit rise from the 1.0461 levels and bring fall resumption , however ; sustained breakout above the 1.1036 levels on a weekly closing basis will have large bullish implication towards the 1.1533/1.2219 levels !!!
In all , as long as 1.1036 resistance holds on a weekly closing basis , outlook in EURUSD remains on the downside towards the 1.0461 levels ahead of the 1.0170 levels , a clear break above the 1.1036 levels will turn outlook bullish and bring strong bullish move towards the 1.1533 levels and possible higher towards the 1.2219 levels.
Note that a rejection from the 1.1036 levels followed by a cut below the 1.0461 levels will boost the downside momentum……