EUR/USD Daily Outlook

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.2786; (P) 1.2851 (R1) 1.2897; More....

Intraday bias in EUR/USD remains on the downside for 1.2796 support. Brea should affirm the case that whole decline from 1.3710 is resuming. In such case, EUR/USD should drop through 1.2746 to 100% projection of 1.3710 to 1.2746 form 1.3416 at 1.2452 next. On the upside, above 1.2932 will turn bias neutral and bring consolidations before staging another decline.

In the bigger picture, overall, price actions from 1.6039 is viewed as a corrective pattern which is still in progress. Current development argues that fall from 1.3710 is extending the correction lower. Break of 1.2042 would likely pave the way to 1.1209 long term fibonacci level next.