EUR/USD Daily Outlook

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.3647; (P) 1.3676 (R1) 1.3734; More....

EUR/USD edges higher to 1.3720 and intraday bias remains on mildly on the upside. Focus will remain on the near term channel. Break of upper resistance (now at 1.3725) will indicate acceleration and should argue that stronger rally is underway for another high above 1.3832. Though, break of 1.3524 support will indicate that rebound from 1.3294 has completed and will turn near term outlook bearish.

In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern which is still in progress. Current development is rather mixed with question on whether rebound from 1.2024 has finished. In any case, break of 1.2755 support is needed to confirm completion of such medium term rise from 1.2024. Otherwise, we will not turn bearish in the pair yet. Above 1.3832 will extend the rise towards 1.4 psychological level.