EUR/USD Daily Outlook

Daily Pivots: (S1) 1.3233; (P) 1.3273 (R1) 1.3331; More.

EUR/USD's rebound from 1.3054 extends further to as high as 1.3386 so far today. the break of 1.3358 resistance indicates that pullback from 1.3496 is likely finished at 1.3054 already. Rebound from 1.2969 might be resuming. Intraday bias is now on the upside for 1.3496 first. Break will target 100% projection of 1.2969 to 1.3496 from 1.3054 at 1.3581. On the downside, break of 1.3054 support will turn focus back to 1.2969 low instead.

In the bigger picture, current development suggests that fall from 1.4281 is still in progress. Also it revives the case that correction from 1.6039 is still in progress for another low below 1.1875. Break of 1.2969 will solidify this bearish case and further break of 1.2643 will confirm and target 1.1875 support first. On the upside, though, break of 1.3496 resistance will mix up the outlook again.

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