EUR/USD Daily Outlook
Daily Pivots: (S1) 1.3589; (P) 1.3622 (R1) 1.3649; More....
Intraday bias in EUR/USD remains neutral for some consolidations above 1.3571 temporary low. Considering bearish divergence condition in daily MACD, the rise from 1.2755 might be completed at 1.3892. Another fall is expected and below 1.3571 will target 38.2% retracement of 1.2755 to 1.3892 at 1.3458 first. On the upside, above 1.3676 minor resistance will bring recovery. But risk will stays on the downside in near term.
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.