The EURSD continued its bearish correction last week , but fall from 1.3966 levels was temporary – halted by the key support 1.3706 as suggested , as a result ; outlook in EURUSD remains neutral with risk to the upside , note that stability above the 1.3706/1.3748 levels could mean a return to the 1.3915/1.3965 levels , break of 1.3850 levels will build pressure on the 1.3915/1.3965 levels . If this important resistance is taken out , expect the pair to extend gains towards the 1.4035 levels where a breach will turn focus on the 1.4185 levels…..
On the downside , support comes at 1.3748 ahead of 1.3706 (main) , sustained trading – weekly closing – below the 1.3706 will suggest that fall from the 1.3966 levels is resuming , If seen , next support comes at the 1.3642 levels , a break will open 1.3560 levels , further downside will aim the 1.3476 levels ….
In all as long as support 1.3706 holds on a weekly basis , the EURUSD will remain based to the upside towards the 1.4035 levels ahead of the 1.4185 levels , sustained trading below the 1.3706 levels would open 1.3642/1.3560 levels ahead of 1.3476 levels..
Note : A consolidation – stability – below the 1.3748 levels will build pressure on the 1.3706 levels and may break lower , while a consolidation above the 1.3748 level could surprise 1.3966 levels with a long bullish candle on weekly 300 -500 length ……..