EUR/USD Daily Outlook

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.3729; (P) 1.3771 (R1) 1.3798; More....

Intraday bias in EUR/USD is neutral for the moment for some consolidations. Near term outlook stays bullish with 1.3625 support intact. Current up trend from 1.2042 is still in progress and above 1.3892 would target 1.4 psychological level and above. However, break of 1.3625 will argue that rise from 1.3294 has completed and turn bias back to the downside.

In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern which is still in progress. Current development indicates that the choppy rise from 1.2042 is still in progress. Such rise could now extend to 100% projection of 1.2042 to 1.3710 from 1.2755 at 1.4423. But we' be cautious on strong resistance below the long term falling trend line (now at around 1.45 to limit upside. Meanwhile, break of 1.3294 support is needed to be the first signal of medium term reversal. Or, outlook will stay bullish.