EUR/USD Daily Outlook

Daily Pivots: (S1) 1.4245; (P) 1.4395; (R1) 1.4473; More

EUR/USD's fall resumes after brief recovery and dives to as low as 1.4209 so far, taking out mentioned key support at 1.4309. At this point, intraday bias remains on the downside and further decline should be seen to 1.4 psychological support first. On the upside, above 1.4372 will turn intraday outlook neutral first but another fall is still expected as long as 1.4543 resistance holds. break of 1.4543 is needed to be the first signal that a short term bottom is formed.

In the bigger picture, break of the mentioned medium term trend line support (1.1825, 1.2483, now at 1.4404) and key support level of 1.4309, (38.2% retracement of 1.1639 (05 low) to 1.6038 at 1.4358, 61.8% retracement of 1.3262 to 1.6038 at 1.4322) confirms that whole medium term rise from 1.1639 has completed after double top reversal at 1.6019/6038. Further medium term decline is now expected to be seen to 61.8% retracement of 1.1639 to 1.6038 at 1.3319. On the upside, whole some rebound could be seen, sustained break of double top neckline resistance is needed before considering that decline from 1.6038 has completely finished. Otherwise, another fall is still expected in case of rebound.

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