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 EUR/USD Daily Outlook

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Join date : 2012-01-25

PostSubject: EUR/USD Daily Outlook   Thu Mar 06, 2014 10:32 am

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.3711; (P) 1.3729 (R1) 1.3752; More....

EUR/USD's consolidation from 1.3824 is still in progress and intraday bias remains neutral. As long as 1.3642 support holds, near term outlook stays bullish. Above 1.3824 will target 1.3892 resistance first. Break will confirm larger up trend resumption and will target 1.4 psychological level next. On the downside, break of 1.3642 is needed to confirm completion of the rebound. Or outlook will stay mildly bullish.

In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern. The choppy rise from 1.2042 is viewed as a leg inside the pattern. Upside momentum is rather unconvincing with weekly MACD crossing below signal line. But it's too early to call for a top at 1.3892. Nonetheless, even in case of another rally, upside potential should be limited and strong resistance would be seen between 1.4 psychological level and 100% projection of 1.2042 to 1.3710 from 1.2755 at 1.4423. Decisive break of 1.2755, however, will confirm medium term reversal and target a new low below 1.2042.
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