EURUSD Outlook |
Written by ActionForex.com |
Apr 13 12 06:25 GMT
EUR/USD Daily Outlook
Daily Pivots: (S1) 1.3120; (P) 1.3166 (R1) 1.3231; More.....
Intraday bias in EUR/USD is mildly on the upside for stronger recovery. But note again that break of 1.3385 resistance is needed to confirm resumption of rebound from 1.2625. Otherwise, more sideway trading could be seen between 1.3003/3385. On the downside, break of 1.3033 support will revive that case that rebound from 1.2625 is finished at 1.3486 and will bring deeper decline.
In the bigger picture, price actions from 1.6039 (2008 high) are treated as a long term consolidation pattern and there is no clear indication of completion yet. That is, price actions could remain corrective and relatively unpredictable. Current development suggest that the falling leg from 1.4939 is not finished yet and break of 1.2625 should pave the way to 1.1875 low. On the upside, we'd prefer to see sustained trading above 55 weeks EMA (now 1.3508) to indicate the start of another rising leg inside the pattern.
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