fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: EUR/USD Daily Outlook Wed Mar 27, 2013 8:41 am | |
| EUR/USD Daily Outlook Daily Pivots: (S1) 1.2772; (P) 1.2909 (R1) 1.2990; More.... Intraday bias in EUR/USD remains on the downside for the moment. The decline from 1.3710 has just resumed and should target 1.2661 key support level next. On the upside, break of 1.3048 resistance is needed to signal short term bottoming. Otherwise, near term outlook stays bearish 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. | |
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