Medium term outlook in EURUSD is neutral at the moment. The pair is trapped within 1.1155/1.1466 range.
On the downside. A failure to hold above the 1.1466 levels on a weekly closing basis, could mean a return to the 1.1155 levels. A halt is likely but a cut would open 1.0975/1.0805 levels where the rebound is very likely. However; Further down support comes at the 1.0590/1.0460 levels.
On the upside. Resistance comes at the 1.1387 levels ahead of the 1.1466 levels. A weekly closing above the 1.1466 levels should recapture the 1.1713 levels. A further upside, resistance comes at the psycho level 1.2000…
Conclusion: The EURUSD continues to consolidate within 1.1155/1.1466 range in the medium term outlook, but, since the pair was rejected from the weekly resistance 1.1386/1.1466 last week, the risk of a return to the 1.1115 levels has occurred..(stability below 1.1350 levels should keep the pair under heavy pressure in short term…above 1.1350 could mean a return to the 1.1466 levels….).