EUR/USD Daily Outlook
Daily Pivots: (S1) 1.2827; (P) 1.2898 (R1) 1.2953; More....
EUR/USD's fall from 1.3710 extends to as low as 1.2843 so far and intraday bias remains on the downside. Current decline is still in progress and should extend to test on 1.2661 key support level next. Break of 1.3106 resistance is needed to signal short term bottoming. Otherwise, outlook will stay bearish even in case of recovery.
In the bigger picture, current development mixed up the outlook in EUR/USD with major question on whether rebound from 1.2042 has completed at 1.3710. Note that as long as 1.2661 support holds, such rebound could still extend above 1.3710 to 1.4939/5143 resistance holds. However, break of 1.2661 will confirm completion of such rebound. And more importantly, the corrective three wave structure will then indicate that deeper medium term weakness would be seen for a new low below 1.2042.