Outlook in EURUSD has turned neutral at the moment, support comes at the 1.1297 levels while resistance comes at the 1.1466 levels.

On the upside, a failure to hold below the 1.1297 levels on a daily closing basis, could mean a return to the 1.1466 levels, a halt is likely but a break would target 1.1575 next, further upside will aim the 1.1700 levels( weekly chart target).

On the downside, support comes at the 1.1297 levels, sustained breakout -daily closing- below the 1.1297 will bring a corrective pullback towards the 1.1200/1.1130 levels before the next possible rise…

In all, as long as 1.1297 support holds on a daily closing basis, outlook in EURUSD remains neutral with risk to retake the 1.1466 levels , a break through the 1.1466 levels will target the 1.1575/1.1700 levels, below 1.1297 will shift focus on the 1.1200/1.1130 levels……(volatility is suggested around 1.1297 )…

Intraday: As long as 1.1330 resistance holds on a 4-hour closing basis, outlook remains on the downside towards the 1.1295 levels, a halt is very likely and reversal may occur here, but a cut through the 1.1295 levels would open 1.1250 next, further down will target the 1.1200 levels.

On the upside, sustained breakout above the 1.1330 levels will turn outlook neutral and target the 1.1400 levels , a break through the 1.1400 levels will restore the upside momentum and open the 1.1466 levels…

Conclusion : according to the 4 hour chart, the first assumed target of 1.1466/1.1331 fall , has been reached around 1.1297 levels, so fall from 1.1466 could be ended around 1.1297 levels. Yesterday, the pair found support at the 1.1297 levels on a daily closing basis….As a result; strong reversal could be in sight….

 

EURUSD Daily Forecast May 19 2015

 EURUSD Daily Forecast May 19 2015_h4

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