EUR/USD Daily Outlook
Daily Pivots: (S1) 1.3584; (P) 1.3641 (R1) 1.3751; More....
Focus in EUR/USD is on 1.3699 resistance for the moment. Break will indicate that pull back from 1.3892 has completed at 1.3507 already. In that case, stronger rebound would be seen back to retest 1.3892 resistance. On the downside, below 1.3507 will extend the fall to 38.2% retracement of 1.2755 to 1.3892 at 1.3458 and below.
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.