EUR/USD Daily Outlook
Daily Pivots: (S1) 1.3040; (P) 1.3081 (R1) 1.3109; More....
Intraday bias in EUR/USD remains neutral for the moment. Another rally is still mildly in favor as long as 1.2968 minor support holds. Sustained break of 38.2% retracement of 1.3710 to 1.2746 at 1.3114 will target 61.8% retracement at 1.3342 and above. Though, break of 1.2968 minor support will turn focus back to 1.2661 key support level instead.
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.