EUR/USD Daily Outlook
Daily Pivots: (S1) 1.2913; (P) 1.2931 (R1) 1.2946; More....
EUR/USD stays in range above 1.2796 and intraday bias remains neutral for the moment. More consolidation might be seen. But eventually, fall from 1.3242 is expected to extend to retest 1.2746 support first. Break will resume whole decline from 1.3710 support. Also, this will complete a head and should top pattern (ls: 1.3171; h: 1.3710; rs: 1.3242) and should at least bring decline to 100% projection of 1.3710 to 1.2746 from 1.3242 at 1.2278 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 suggests that the rising leg from 1.2042 has completed at 1.3710 already. A break below 1.2746 support will raise the chance of deeper decline to below 1.1875. This bearish case is now in favor as long as 1.3242 resistance holds.