By Setyo Wibowo (analyst@fxinstructor.com)

EURUSD Outlook
Yesterday, the EURUSD was losing power to go upside. The pair opened at 1.5842 but closed at 1.5778, forming a hammer formation on the candle chart. Remember, the last time EURUSD made a reversal about 560 pips (from 1.5904 to 1.5341), it formed a doji a day before (see Chart #1). Immediate support is still at 1.5558 (23.6 % Fibonacci retracement from 1.4450 to 1.9504).

Chart #1

EURUSD Daily Supports and Resistances:

S1= 1.5720
S2= 1.5662
S3= 1.5600
R1= 1.5840
R2= 1.5902
R3= 1.5960

So, EURO! How high can you go?