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 EUR/USD Daily Outlook

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fxpulsation



Posts : 8759
Join date : 2012-01-25

PostSubject: EUR/USD Daily Outlook   Mon Mar 10, 2014 10:48 am



EUR/USD Daily Outlook

Daily Pivots: (S1) 1.3845; (P) 1.3879 (R1) 1.3908; More....

Intraday bias sin EUR/USD remains on the upside for the moment. Prior break of 1.3892 resistance indicates resumption of whole rally from 1.2755. Current rise would extend to 1.4 psychological level next. break of 1.3707 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

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. Such rally is having a corrective look and upside momentum is not too convincing. Thus, while further rise should be seen in medium term, we'd expect strong resistance from 100% projection of 1.2042 to 1.3710 from 1.2755 at 1.4423. to limit upside and bring reversal. Nonetheless, break of 1.3476 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.
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