EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3126; (P) 1.3182 (R1) 1.3281; More.

EUR/USD's recovery from 1.3054 extends further today but is still limited below 1.3358 resistance. There is no indication that rise from 1.2969 is resuming yet. We'll stay neutral. On the downside, below 1.3054 will bring another fall to 1.2969. Break will confirm resumption of whole decline from 1.4281 and target 1.2643 support next. On the upside, break of 1.3358 will indicate that fall from 1.3496 is possibly over and rebound from 1.2969 might be resuming for another high above 1.3496.

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.

Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box