EUR/USD Daily Outlook

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.3169; (P) 1.3193 (R1) 1.3230; More....

A temporary low is in place at 1.3138 and intraday bias in EUR/USD is turned neutral first. Another fall is still expected with 1.3254 minor resistance intact. Below 1.3138 will target 1.2755 support. Meanwhile, above 1.3254 will turn bias back to the upside for 1.3451 resistance. 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.