EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3185; (P) 1.3232 (R1) 1.3280; More.

No change in EUR/USD's outlook. Recovery from 1.3114 is still in progress and further rise might be seen. But after all, we'd expect upside to be by 1.3417 resistance and bring fall resumption. Decisive break of 61.8% projection of 1.4578 to 1.3443 from 1.3817 at 1.3113 will target 100% projection at 1.2682 next.

In the bigger picture, the three wave consolidation from 2008 low of 1.2329 has completed at 1.5143 already and fall from there is resuming whole down trend from 2008 high of 1.6039. We'd expect fall from 1.5143 to break through 1.2329 low eventually. On the upside, break of 1.3691 resistance is needed to be the first signal of bottoming. Otherwise, outlook will remain bearish.

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