The EURUSD corrected higher yesterday, closed at 1.2930 above the key resistance 1.2885, this scenario suggests that recovery from 1.2802 might still in progress and more gains are suggested as long as 1.2802 holds !!!
However, In short term outlook, consolidation from 1.3171 still active,a clear break with daily close above 1.3000 would flip bias back to the upside and target 1.3171 levels, but in return losing 1.2885 would threat 1.2760 levels , losing 1.2760 would mean that bullish momentum in short term is lost, but overall outlook we're trapped in sideways move between 1.3000/1.2640 !!!
Fundamental focus today is on Euro Zone Industrial Production at 09:00 AM, expectations are 1%, anyway, any release above 0.6% would take the pair down as expectations , from United States USD U.of Michigan Confidence (OCTP) at 13:55 GMT , expectations are 78.1 any release above that level would take the EURO down and vise versa !!
Resistance 1.2950, (Main) 1.3010 ,1.3070, (Main) 1.3130 ,1.3190, (Main) 1.3250
Support (Main) 1.2885,1.2820 ,(Main) 1.2760 , 1.2700, (Main) 1.2640
Short Trend : Neutral
Main Trend : Downward