Outlook in EURUSD remains neutral at the moment, the pair is in a pullback mode as long as trades below the 1.1178 levels on a daily closing basis, Immediate support comes at the 1.1122 levels ahead of the 1.1065 levels, a halt is very likely, buy a cut will extend the pullback towards the 1.0990 levels, further down will target 1.0900/1.0845 levels.
On the upside, resistance comes at the 1.1178 levels, sustained breakout -daily closing-above this level will restore the upside momentum and recapture the 1.1288/ 1.1391 levels, a halt is strongly suggested but a clear break will pave the way towards the 1.1533 levels.
In all, as long as the pair trades below the 1.1178 levels on a daily closing basis, the EURUSD remains in a pullback mode with risk towards the 1.1122/1.1065 levels before the next possible rise, sustained breakout above the 1.1178 levels will restore the upside momentum and recapture the 1.1288/ 1.1391 levels..
1-sustained breakout – daily closing – above the 1.1178 levels should recapture the 1.1391 levels, (Double Top) is suggested, or It might spike above the 1.1391 levels, then closed below this level, forming a reversal candle,….. However; a clear break above the 1.1391 levels is needed to resume rise from 1.1065, If seen, eyes will be at the 1.1533 levels..
2- At the moment, the pair consolidates above the key support 1.1122, selling the pair could be risky too much… To short the pair, I’d like to see it below 1.1065 first, otherwise, I’d prefer waiting for a breach above the 1.1178 levels to long the pair………