EUR/USD Daily Outlook

Daily Pivots: (S1) 1.3592; (P) 1.3669; (R1) 1.3754; More.

At this point, intraday bias in EUR/USD remains on the downside with 1.3744 minor resistance intact. The whole decline from 1.5143 is still expected to continue towards 61.8% retracement of 1.2329 to 1.5143 at 1.3404 first. Break will target 161.8% projection of 1.5143 to 1.4217 from 1.4578 at 1.3076 next. On the upside, above 1.3744 minor resistance will turn intraday bias neutral and bring consolidations. But upside should be limited below 1.4025 resistance and bring fall resumption.

In the bigger picture, three wave rise from 1.2329 is treated as consolidation to fall from 1.6039 only and should have completed at 1.5143 already. Fall from 1.5143 is tentatively treated as resumption of the whole down trend form 1.6039 and should target a new low below 1.2329. Break of 1.4217 resistance is needed to be the first signal of medium term bottoming. Otherwise, outlook will remain bearish even in case of strong rebound.

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