EURUSD Outlook |
Written by ActionForex.com |
Mar 06 13 14:18 GMT
EUR/USD Mid-Day Outlook
Daily Pivots: (S1) 1.3014; (P) 1.3044 (R1) 1.3080; More....
EUR/USD weakens mildly today but is still staying in tight range around 1.3 psychological level. Intraday bias remains neutral and more consolidations could be seen. But near term outlook stays mildly bearish as long as 1.3161 resistance holds. Sustained break of 1.2997 will have larger bearish implication and should send EUR/USD to next key support level at 1.2661. On the upside, break of 1.3161, though, will indicate near term bottoming and turn bias back to the upside for stronger rebound.
In the bigger picture, current development mixed up the outlook in EUR/USD with major question on whether rebound from 1.2042 has completed at 1.3710. Note that as long as 1.2661 support holds, such rebound could still extend above 1.3710 to 1.4939/5143 resistance holds. However, break of 1.2661 will confirm completion of such rebound. And more importantly, the corrective three wave structure will then indicate that deeper medium term weakness would be seen for a new low below 1.2042.
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