UR/USD Daily Outlook

UR/USD Daily Outlook

Daily Pivots: (S1) 1.2984; (P) 1.3046 (R1) 1.3136; More....

EUR/USD's recovery from 1.2796 extended to as high as 1.3107 so far and further rise might be seen. Nonetheless, such rebound is viewed as a correction only. Upside should be limited below 1.3242 and bring reversal. Below 1.2943 will turn bias back to the downside for 1.2796 first and then a retest on 1.2746 support next.

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.