EUR/USD Daily Outlook

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.2967; (P) 1.3013 (R1) 1.3094; More....

The rebound from 1.2796 might extend higher but it's still viewed as a correction. Thus, upside should be limited below 1.3242 resistance and bring another fall. Below 1.2918 minor support will turn bias back to the downside for 1.2796 and then a test on 1.2746 support.

In the bigger picture, overall, price actions from 1.6039 is viewed as a corrective pattern which is still in progress. Current development suggests that the rising leg from 1.2042 has completed at 1.3710 already. A break below 1.2746 support will raise the chance of deeper decline to below 1.1875. This bearish case is now in favor as long as 1.3242 resistance holds.