Short term outlook in EURUSD has turned to the upside as long as 1.0845/1.0665 support holds on a daily closing basis , resistance comes at the 1.0935 levels , a halt is likely but a break would open 1.1051 levels , further upside will target the 1.1182 levels .
On the downside , support comes at the 1.0845 levels ahead of 1.0665 (main) , a clear break below the 1.0665 levels will reverse risk to the downside and open the 1.0519/1.0461 levels …
In all , as long as 1.0845 /1.0665 support holds on a daily closing basis , outlook in EURUSD remains on the upside towards the 1.0935 levels ahead of the 1.1051 levels , below 10665 will reverse risk towards the 1.0519/1.0461 levels.
Note that stability above the key support 1.0845 , will keep the bullish momentum intact , below 1.0845 will open main support 1.0665………
Support and resistance : 0.9970 , 1.0100 , 1.0277 , 1.0460 , 1.0520 , 1.0665 (main) , 1.0845 , 1.0935, , 1.1051 (main) , 1.1182 , 1.1379…….
Short term trend : bullish (above 1.0665 ).
Medium term trend : Neutral (1.0461 / 1.1051).
Key data (events) which may affect EURUSD pair this week :
Tuesday Apr 28 :
Wednesday Apr 29:
Thursday Apr 30 :
Friday May 01
*All Times Are GMT
Conclusion : In medium term forecast , the pair is in recovery mode as long as 1.0461 support holds on a weekly closing basis , short term view remains on the upside above the 1.0665/1.0845 , as a result ,there’s a room for further upside gains , negative data for EURUSD pair should be taken as an opportunity to buy the pair on dips ..In all , keep an eye on news near support and resistance levels…