Outlook in EURUSD remains on the downside as long as resistance 1.3220 holds on a weekly closing basis , support comes at the 1.3104 levels . At this point I still expect strong support from the 1.3104 levels to contain fall from 1.3993 levels and bring rebound before the next move , however ; sustained trading – weekly closing – below the 1.3104 levels will open the 1.3000 levels where a cut will open the 1.2750 levels.
On the upside , resistance comes at the 1.3220 levels , sustained trading – weekly closing – above the 1.3220 levels will turn outlook neutral for retesting the 1.3335/1.3444 levels before the next fall…..
In all , as long as resistance 1.3220 holds on a weekly closing basis , outlook in EURUSD remains on the downside towards the 1.3104/1.3000 levels and possible lower towards the 1.2750 levels….
In the long term forecast , the pair has printed resistance at the 1.3698/1.3993 levels , so any rebound from the 1.3104 levels should be limited by the 1.3698/1.3993 levels, on the downside , a clear break below 1.3104 levels would open 1.2750 levels and possible lower towards the 1.2450 levels….