EUR/USD Daily Outlook
Daily Pivots: (S1) 1.3068; (P) 1.3103 (R1) 1.3155; More.....
Intraday bias in EUR/USD remains on the upside with 1.3015 minor support intact. Recent development suggest that rise from 1.2042 is resuming. Break of 1.3171 will confirm this bullish case and target 1.3486 key resistance next, which is close to 50% retracement of 1.4939 to 1.2042 at 1.3491. On the downside, though, below 1.3015 minor support will delay the bullish case and turn bias neutral for more consolidations first.
In the bigger picture, fall from 1.4939 is treated as a falling leg inside the consolidation pattern that started at 1.6039 (2008 high). Such decline should have completed at 1.2042 already. Break of 1.3486 will confirm and should pave the way to 1.5 psychological level in medium term. We'd now stay bullish as long as 1.25 psychological level holds.