EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.5642; (P) 1.5697; (R1) 1.5783; More

EUR/USD retreats again after rebounding to 1.5754 today. With an intraday low in place at 1.5611, intraday bias should till be mildly on the upside and above 1.5754 will encourage stronger rise towards 1.5908 high. Break will confirm that rise from 1.5302 has resumed for retesting 1.6019 record high first. On the downside, though, below 1.5611 again will indicate fall from 1.5908 is still in progress for 1.5468 support.

In the bigger picture, a medium term top is in place at 1.6019 after meeting 1.6 psychological resistance. As mentioned before, break of 1.5843 indicates that such consolidation has likely completed at 1.5302 already. Further decisive break of 1.6019 will confirm this case and bring rise to 61.8% projection of 1.4309 to 1.6019 from 1.5284 at 1.6341 first. On the downside, however, below 1.5468 support will mix up the picture by firstly suggesting that rise from 1.5302 has completed. Secondly, it will revive the case that consolidation from 1.6019 is still in progress. Retest of 1.5302 support could be seen in such case.

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