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 EUR/USD Daily Outlook

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Join date : 2012-01-25

PostSubject: EUR/USD Daily Outlook   Mon Mar 17, 2014 9:31 am

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.3858; (P) 1.3898 (R1) 1.3948; More....

Intraday bias in EUR/USD remains neutral for the moment. Above 1.3966 will extend the up trend from 1.2755 through 1.4 psychological level to 61.8% projection of 1.2755 to 1.3892 from 1.3476 at 1.4179 next. Meanwhile, considering bearish divergence condition in 4 hours MACD, break of 1.3833 will indicate short term topping and bring deeper correction back to 1.3772 support. But we'd expect strong support inside 1.3642/3772 zone to contain downside and bring rally resumption.

In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern. The choppy rise from 1.2042 is seen 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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