Outlook in EURUSD remains on the downside as long as resistance 1.2920/1.2994 holds on a weekly closing basis , support comes at the 1.2825 levels , losing this level will accelerate the bearish move towards the 1.2735/1.2660 levels . A halt is likely , but further losses will pave the way towards the 1.2500 levels . At this point I’d expect strong support above the 1.2500 levels to contain fall from the 1.3993 levels and bring rebound. If 1.2500 fails , expect to see a free fall towards the 1.2000 levels….
On the upside , resistance comes at the 1.2920 levels ahead of the 1.2994 levels (main) , sustained trading – weekly closing – above the 1.2994 levels will put the pair in recovery mode , but upside move above the 1.2994 levels should be limited strongly by the 1.3332/1.3444 levels, a clear break above the 1.3444 levels will turn outlook bullish towards the 1.3700/1.3993 levels…
In all , as long as resistance 1.2920/1.2994 holds on a weekly closing basis , outlook in EURUSD remains on the downside towards the 1.2735/1.2660 levels , a clear break above the 1.2994 levels will bring recovery towards the 1.3332/1.3444 levels before the next fall….
Time Frame : Weekly
Bearish Mode : Below 1.3000
Recovery Mode: Above 1.3000
Bullish Mode : Above 1.3444