EURUSD Outlook

The EURUSD made indecisive movement yesterday. The pair attempted to make higher correction, topped at 1.2992 but closed lower at 1.2945. From the bearish scenario point of view since the downside momentum from 1.3734, as long as the pair stay below 1.3100, any upside corrective movement is “normal”. The bias is neutral in nearest term and I think we are now in no trading zone. On daily chart we had symmetrical triangle formation indicating a consolidation. The “double bottom” at 1.2890 (April 20 and 21 low) area should be the key support level at this phase. Break below that area could trigger further bearish scenario towards 1.2725 area. CCI in neutral area on both hourly and h4 chart.

EURUSD Daily Supports and Resistances:

• S1= 1.2896
• S2= 1.2847
• S3= 1.2799
• R1= 1.2993
• R2= 1.3041
• R3= 1.3090