EUR/USD Daily Outlook

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.3551; (P) 1.3578 (R1) 1.3600; More....

Intraday bias in EUR/USD remains neutral at this point. Another rise is mildly in favor as long as 1.3461 minor support holds. Above 1.3645 will target 1.3710 resistance next. However, strong resistance could be seen there to bring reversal. Meanwhile, break of 1.3461 will indicate short term topping and bring deeper pull back towards 1.3104 support instead.

In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern which is still in progress. Below 1.2755 support 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.