Wed, Aug 21, 2019 @ 22:38 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1280; (P) 1.1388; (R1) 1.1452; More…..

Despite breaking 1.1342 minor support, EUR/USD recovered ahead of 1.1270 support. Intraday bias remains neutral first. On the downside, break of 1.1270 revive the bearish case that down trend from 1.2555 is still in progress. EUR/USD should then target 1.1186 key fibonacci level next. On the upside, however, sustained break of 1.1496 will revive the case of near term reversal, on bullish convergence condition in daily MACD. Bias will be turned back to the upside for 1.1621 resistance first. Break will target 1.1814 key resistance next.

In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2275; (P) 1.2316 (R1) 1.2376; More….

EUR/USD’s sharp fall today now put 1.2257 support back into focus. Intraday bias is turned neutral first. For the moment, we’re slightly favoring the case that price actions from 1.2445 are corrective in nature. And 1.2257 support should hold even in case of a brief breach. Another rise is expected and break of 1.2445 will target a test on 1.2555 key resistance. However, sustained break of 1.2257 will dampen this bullish view. In that case, intraday bias will be turned back to the downside, to resume the fall from 1.2555 through 1.2154.

In the bigger picture, key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 remains intact despite attempts to break. Hence, rise from 1.0339 medium term bottom is still seen as a corrective move for the moment. Rejection from 1.2516 will maintain long term bearish outlook and keep the case for retesting 1.0039 alive. Firm break of 1.1553 support will add more medium term bearishness. However, sustained break of 1.2516 will carry larger bullish implication and target 61.8% retracement of 1.6039 to 1.0339 at 1.3862.

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1770; (P) 1.1804 (R1) 1.1831; More….

Breach of 1.1762 temporary low suggests that recent decline is resuming. Intraday bias is EUR/USD is back on the downside. Current fall from 1.2555 is resuming for 1.1708 medium term fibonacci level next. Break will target 1.1553 support. On the upside, above 1.1821 minor resistance will turn bias neutral again. But outlook will continue to stay bearish as long as 1.1995 resistance holds.

In the bigger picture, current development suggests that EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. And, a medium term was formed at 1.2555 already. Decline from there should extend further. Break of 38.2% retracement of 1.0339 to 1.2555 at 1.1708 will target 61.8% retracement at 1.1186. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 55 day EMA (now at 1.2162) holds.

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EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1113; (P) 1.1138; (R1) 1.1157; More…..

EUR/USD’s decline is still in progress and intraday bias stays on the downside. Down trend from 1.2555 has just resumed. Further fall should be seen to 100% projection of 1.1448 to 1.1183 from 1.1324 at 1.1059. Break will target 161.8% projection at 1.0895. On the upside, above 1.1192 minor resistance will turn bias neutral and bring consolidations first. But recovery should be limited well below 1.1324 resistance to bring fall resumption.

In the bigger picture, down trend from 1.2555 is now resuming with break of 61.8% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.1186. Medium term also remains with EUR/USD staying well below falling 55 week EMA. Next downside target will be 78.6% retracement at 1.0813. Sustained break there will pave the way to retest 1.0339. On the downside, break of 1.1448 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1217; (P) 1.1263; (R1) 1.1322; More…..

EUR/USD’s rebound from 1.1107 resumes after brief consolidation and breaks 1.1309 temporary top. Intraday bias is back on the upside. Further rally should be seen towards 1.1448 key resistance next. Decisive break there will carry larger bullish implications. On the downside, break of 1.1200 support is needed to confirm completion of the rebound. Otherwise, further rise will remain in favor in case of retreat.

In the bigger picture, down trend from 1.2555 (2018 high) might still be in progress. Such decline would target 78.6% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.0813 on resumption. However, break of 1.1448 resistance would confirm medium term bottoming, on bullish convergence condition in daily MACD. In such case, stronger rebound should be seen to 38.2% retracement of 1.2555 to 1.1107 at 1.1660. We’d look at the structure of the rebound to decide whether it’s a corrective rise later.

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0716; (P) 1.0747 (R1) 1.0769; More…..

With 1.0718 minor support intact, intraday bias in EUR/USD remains on the upside for 1.0828 resistance. Break there will target 100% projection of 1.0339 to 1.0828 from 1.0494 at 1.0983. However, as rise from 1.0339 is seen as a corrective move. We’d expect upside to be limited by 1.0983 to complete the correction. On the downside, break of 1.0718 minor support will turn bias to the downside for 1.0494 support first.

In the bigger picture, as long as 1.1298 key resistance holds, whole down trend from 1.6039 (2008 high) is still expected to resume later. Break of 1.0339 low will send EUR/USD through parity to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

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EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0418; (P) 1.0459 (R1) 1.0528; More…..

The break of 1.0489 minor resistance turns intraday bias in EUR/USD neutral again with focus back on 1.0652 resistance. As long as 1.0652 holds, outlook stays bearish and another decline is expected. Break of 1.0339 will extend the larger down trend to parity next. However, break of 1.0652 will now confirm short term bottoming and turn near term outlook bullish for stronger rebound to 1.0872 resistance first.

In the bigger picture, break of 1.0461 key support indicates that consolidation from there has completed as a triangle at 1.1298. And, the down trend from 1.6039 (2008 high) is resuming. Current downtrend is now expected to target 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. On the upside, break of 1.1298 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

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EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1637; (P) 1.1662 (R1) 1.1712; More…..

EUR/USD’s rebound from 1.1612 extends today and breach of 1.1695 minor resistance turns bias mildly to the upside. While further rise could be seen as the corrective pattern from 1.1507 extends, upside should be limited by 1.1851 resistance to bring fall resumption eventually. On the downside, below 1.1612 will bring retest of 1.1507 low first. Decisive break there will resume larger fall from 1.2555. In that case, EUR/USD should drop through 50% retracement of 1.0339 to 1.2555 at 1.1447 to 61.8% retracement at 1.1186.

In the bigger picture, EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. And, a medium term top was formed at 1.2555 already. Decline from there should extend further to 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and below. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 1.1995 resistance holds.

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EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1904; (P) 1.1931 (R1) 1.1970; More….

EUR/USD’s break of 1.1960 resistance suggests resumption of rise from 1.1553. Intraday bias stays on the upside for 100% projection of 1.1553 to 1.1960 from 1.1717 at 1.2124, which is above 1.2091 high. On the downside, break of 1.1816 support is needed to be first sign of completion of the rally. Otherwise, near term outlook will remains bullish in case of retreat.

In the bigger picture, rise from 1.0339 medium term bottom is seen as a corrective move for the moment. Therefore, in case of another rally, we’d be expect 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 to limit upside and bring reversal. That is also close to 61.8% projection of 1.0569 to 1.2091 from 1.1553 at 1.2494.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1228; (P) 1.1254; (R1) 1.1303; More

Intraday bias in EUR/USD remains neutral for the moment as range trading continues. On the downside, break of 1.1193 will resume the fall from 1.1412 to retest 1.1107 low. On the upside, above 1.1285 resistance will turn bias back to the upside for 1.1412 resistance.

In the bigger picture, bullish convergence condition in daily and weekly MACD suggests that 1.1107 is a medium term bottom. However, rejection by 55 EMA retains medium term bearish. Outlook will be neutral for now. On the downside, break of 1.1107 will resume the down trend from 1.2555 (2018 high) to 78.6% retracement of 1.0339 to 1.2555 at 1.0813. Meanwhile, break of 1.1412 will resume the rebound to 38.2% retracement of 1.2555 to 1.1107 at 1.1660.

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EUR/USD Daily Outlook

Daily Pivots: (S1) 1.2366; (P) 1.2430 (R1) 1.2491; More….

Intraday bias in EUR/USD remains neutral at this point but further rally is expected as long as 1.2222 support holds. On the upside, sustained break of 1.2494/2516 resistance zone will extend recent rally to 100% projection of 1.0569 to 1.2091 from 1.1553 at 1.3075 next. However, break of 1.2222 will indicate rejection from 1.2494/2516, on bearish divergence condition in 4 hour MACD, and turn near term outlook bearish.

In the bigger picture, rise from 1.0339 medium term bottom is still seen as a corrective move for the moment. But key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 is looking vulnerable. Sustained break of 1.2516 will carry larger bullish implication and target 61.8% retracement of 1.6039 to 1.0339 at 1.3862. Nonetheless, rejection from 1.2516 will maintain long term bearish outlook and keep the case for retesting 1.0039 alive.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2312; (P) 1.2345 (R1) 1.2387; More….

Intraday bias in EUR/USD remains on the upside as rise from 1.2214 is in progress, hitting 1.2395 so far. Further rally should be seen for 1.2475 first. Break will target key resistance level at 1.2555 high. For now, as EUR/USD is bounded in range trading pattern from 1.2555, break of 1.2302 minor support will turn bias back to the downside for 1.2214 instead.

In the bigger picture, key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 remains intact despite attempts to break. Hence, rise from 1.0339 medium term bottom is still seen as a corrective move for the moment. Rejection from 1.2516 will maintain long term bearish outlook and keep the case for retesting 1.0039 alive. Firm break of 1.1553 support will add more medium term bearishness. However, sustained break of 1.2516 will carry larger bullish implication and target 61.8% retracement of 1.6039 to 1.0339 at 1.3862 in medium term.

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0647; (P) 1.0664 (R1) 1.0686; More….

Intraday bias in EUR/USD remains on the downside for 1.0494 support despite diminishing downside momentum. Our view is unchanged that corrective rise from 1.0339 is completed at 1.0905. And more importantly, larger down trend is probably resuming. Break of 1.0494 should confirm this bearish case and target 1.0339 low. Further break of 1.0339 will target parity next. On the upside, above 1.0701 will bring consolidations first before staging another decline.

In the bigger picture, as long as 1.1298 key resistance holds, whole down trend from 1.6039 (2008 high) is still expected to continue. Break of 1.0339 low will send EUR/USD through parity to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. However, considering bullish convergence condition in weekly MACD, break of 1.1298 will indicate term reversal. this would also be supported by sustained trading above 55 week EMA.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

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EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1185; (P) 1.1218 (R1) 1.1242; More….

Intraday bias in EUR/USD remains neutral as consolidation from 1.1267 is still in progress. We’d stay cautious on strong resistance from 1.1245/98 (138.2% projection of 1.0339 to 1.0828 from 1.0569 at 1.1245) resistance zone to limit upside and bring reversal. But decisive break of 1.1298 will carry larger bullish implication and target 1.1615 resistance next. On the downside, though, break of 1.1020 resistance turned support will indicate rejection from 1.1245/98 and turn bias to the downside for 1.0838 support first.

In the bigger picture, the case for medium term reversal continues to build up with EUR/USD now far above 55 week EMA. Also, bullish convergence condition is seen in weekly MACD. Focus will now be on 1.1298 key resistance. Rejection from there will maintain medium term bearishness and would extend the whole down trend from 1.6039 (2008 high). However, firm break of 1.1298 will indicate reversal. In such case, further rally would be seen back to 1.2042 support turned resistance next.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1189; (P) 1.1223 (R1) 1.1244; More….

EUR/USD’s rally resumed by taking out 1.1267 and reaches as high as 1.1282 so far. Intraday bias is back on the upside with focus on 1.1298 key resistance. Decisive break there will carry larger bullish implication and target 1.1615 resistance next. Near term outlook will now remain bullish as long as 1.1109 support holds. Nonetheless, we’d stay cautious on rejection from 1.1245/98 (138.2% projection of 1.0339 to 1.0828 from 1.0569 at 1.1245) resistance zone. Break of 1.1109 will indicate short term topping and turn bias back to the downside.

In the bigger picture, the case for medium term reversal continues to build up with EUR/USD staying far above 55 week EMA (now at 1.0888). Also, bullish convergence condition is seen in weekly MACD. Focus will now be on 1.1298 key resistance. Rejection from there will maintain medium term bearishness and would extend the whole down trend from 1.6039 (2008 high). However, firm break of 1.1298 will indicate reversal. In such case, further rally would be seen back to 1.2042 support turned resistance next.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2207; (P) 1.2249 (R1) 1.2279; More….

Intraday bias in EUR/USD is turned neutral with current recovery. For now, another decline is expected as long as 1.2344 minor resistance holds. Below 1.2214 will target 1.2154 first. Firm break there should confirm rejection by 1.2516 key fibonacci resistance. In that case, whole decline from 1.2555 should target 38.2% retracement of 1.0339 to 1.2555 at 1.1708 next. However, break of 1.2344 will turn bias back to the upside for 1.2475 and above to extend recent range trading.

In the bigger picture, key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 remains intact despite attempts to break. Hence, rise from 1.0339 medium term bottom is still seen as a corrective move for the moment. Rejection from 1.2516 will maintain long term bearish outlook and keep the case for retesting 1.0039 alive. Firm break of 1.1553 support will add more medium term bearishness. However, sustained break of 1.2516 will carry larger bullish implication and target 61.8% retracement of 1.6039 to 1.0339 at 1.3862 in medium term.

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EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1417; (P) 1.1466; (R1) 1.1496; More…..

Intraday bias in EUR/USD is turned neutral with 4 hour MACD crossed below signal line. Another rise is mildly in favor with 1.1407 minor support intact. Rise from 1.1289 is seen as another rising leg in the correction pattern from 1.1215. Above 1.1514 will target 1.1569 resistance and above. On the downside, break of 1.1407 minor support will turn bias back to the downside for 1.1289 support instead.

In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.

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EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1843; (P) 1.1861 (R1) 1.1875; More….

Intraday bias in EUR/USD remains neutral for the moment. As long as 1.1712 cluster support (61.8% retracement of 1.1553 to 1.1960 at 1.1708) remains intact, near term outlook stays bullish. Above 1.1901 will target 1.1960 resistance first. Break of 1.1960 will resume whole rise from 1.1553 and target 1.2091 high.

In the bigger picture, rise from 1.0339 medium term bottom is seen as a corrective move for the moment. Therefore, in case of another rally, we’d be expect 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 to limit upside and bring reversal. Meanwhile, sustained trading below 55 week EMA (now at 1.1435) will suggest that such medium term rebound is completed and could then bring retest of 1.0339 low.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

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EUR/USD Weekly Outlook

EUR/USD’s pull back from 1.1908 extended to 1.1688 last week but recovered since then. With 1.1908 resistance intact, initial bias remains neutral this week for some more consolidations first. In case of another fall, downside should be contained by 38.2% retracement of 1.1119 to 1.1908 at 1.1606 to bring rebound. On the upside, break of 1.1908 will extend recent up trend to 1.2042 long term support turned resistance next.

In the bigger picture, an important bottom was formed at 1.0339 on bullish convergence condition in weekly MACD. Sustained trading above 55 month EMA (now at 1.1768) will pave the way to key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. While rise from 1.0339 is strong, there is no confirmation that it’s developing into a long term up trend yet. Hence, we’ll be cautious on strong resistance from 1.2516 to limit upside. But for now, medium term outlook will remain bullish as long as 1.1295 support holds, in case of pull back.

In the long term picture, 1.0339 is now seen as an important bottom as the down trend from 1.6039 (2008 high) could have completed. It’s still early to decide whether price action form 1.0339 is developing into a corrective or impulsive move. But in either case, further rally would be seen to 38.2% retracement of 1.6039 to 1.0339 at 1.2516

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

EUR/USD Weekly Chart

EUR/USD Monthly Chart

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EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1779; (P) 1.1806 (R1) 1.1839; More

EUR/USD drops sharply today but stays above 1.1716 minor resistance. Intraday bias remains neutral first. Outlook is unchanged that decline from 1.2091 is correcting whole rise from 1.0569. Deeper fall is expected as long as 1.22029 resistance holds. Below 1.1716 will target 38.2% retracement of 1.0569 to 1.2091 at 1.1510, where we’re expecting support to bring rebound.

In the bigger picture, rise from medium term bottom at 1.0339 is not finished yet. It’s expected to continue after pull back from 1.2091 completes. And, next target will be 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. However, it should be noted that there is no confirmation of trend reversal yet. That is, such rebound from 1.0399 could be a correction. And the long term fall from 1.6039 (2008 high) could resume. Hence, we’d be cautious on strong resistance from 1.2516 to limit upside.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

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