EUR/USD Daily Outlook

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.3175; (P) 1.3200 (R1) 1.3218; More....

Intraday bias in EUR/USD remains mildly on the downside for the moment. As noted before, rebound from 1.2755 has completed at 1.3451. Deeper decline would be seen for retest of 1.2755. Above 1.3298 minor resistance will turn bias neutral first. Overall, EUR/USD is still bounded in sideway pattern since 1.2746. Break of 1.2746 or 3451 is needed to clear up the mixed outlook.

In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern which is still in progress. Below 1.2756 will likely bring deeper decline back to 1.0242 but strong support could be seen there to bring rebound. Above 1.3710 will bring stronger rebound but in that case, we'd be cautious on reversal below 1.4939 resistance. Corrective price action is set to continue in medium term.