fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/USD Daily Outlook  Tue Jan 21, 2014 1:33 pm | |
|  EUR/USD Daily Outlook Daily Pivots: (S1) 1.3517; (P) 1.3542 (R1) 1.3577; More.... Intraday bias in EUR/USD remains on the downside as decline from 1.3892 is still in progress. As noted before, considering bearish divergence condition in daily MACD, the rise from 1.2755 might be completed at 1.3892 already. Next downside target is 38.2% retracement of 1.2755 to 1.3892 at 1.3458. On the upside, break of 1.3699 is needed to confirm completion of the fall from 1.3892. Otherwise, outlook will stay mildly bearish. In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern which is still in progress. Current development indicates that the choppy rise from 1.2042 is still in progress. Such rise could now extend to 100% projection of 1.2042 to 1.3710 from 1.2755 at 1.4423. But we' be cautious on strong resistance below the long term falling trend line (now at around 1.45) to limit upside. Meanwhile, break of 1.3294 support is needed to be the first signal of medium term reversal. Or, outlook will stay bullish. | |
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