EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1412; (P) 1.1498; (R1) 1.1550; More…..

At this point, EUR/USD is staying in range of 1.1270/1485 and intraday bias remains neutral. On the upside, break of 1.1485 resistance 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. On the downside, break of 1.1270 will, instead, revive the bearish case that down trend from 1.2555 is still in progress. Bias will be turned back to the downside for 1.1186 key fibonacci level.

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.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0766; (P) 1.0816; (R1) 1.0902; More

Intraday bias in EUR/USD remains on the upside at this point. Current rise from .9534 should target 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next. On the downside, below 1.0729 minor support will turn intraday bias neutral again first. But near term outlook will stay bullish as long as 1.0482 support holds, in case of retreat.

In the bigger picture, current development suggests that the rally from 0.9534 low is a medium term up trend rather than a correction. Further rally is in favor to 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 next. This will remain the favored case as long as 1.0482 support holds.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0811; (P) 1.0869; (R1) 1.0900; More

Intraday bias in EUR/USD remains neutral as consolidation from 1.0929 is extending, but further rally is in favor with 1.0711 support intact. On the upside, break of 1.0929 will resume the rally from 1.0515 to retest 1.1032 high. Decisive break there will resume larger up trend from 0.9534 to 1.1273 fibonacci level next. On the downside, though, break of 1.0711 will turn bias to the downside to extend the corrective pattern from 1.1032 with another decline.

In the bigger picture, rise from 0.9534 (2022 low) is in progress with 38.2% retracement of 0.9534 to 1.1032 at 1.0460 intact. The strong support from 55 week EMA (now at 1.0625) was also a medium term bullish sign. Next target is 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. Sustained break there will solidify the case of bullish trend reversal and target 1.2348 resistance next (2021 high).

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 0.9759; (P) 0.9805; (R1) 0.9891; More

Intraday bias in EUR/USD stays neutral as range trading continues. Deeper decline is expected with 0.9998 resistance intact. Below 0.9630 will bring retest of 0.9534 low first. Firm break there will resume larger down trend. However, break of 0.9998 will confirm short term bottoming and turn bias back the upside for stronger rebound.

In the bigger picture, down trend from 1.6039 (2008 high) is still in progress. Next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, break of 0.9998 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish even with strong rebound.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1824; (P) 1.1862; (R1) 1.1884; More…..

Intraday bias in EUR/USD remains neutral for the moment. Further rise is mildly in favor with 1.1754 support intact. On the upside, break of 1.2011 will resume whole rise form 1.0635. Nevertheless, on the downside, firm break of 1.1754 will turn bias to the downside for 38.2% retracement of 1.0635 to 1.2011 at 1.1485, to correct the rise from 1.6035.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1422 resistance turned support holds.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1068; (P) 1.1083; (R1) 1.1093; More

EUR/USD is staying in consolidation and intraday bias remains neutral first. Another recovery cannot be ruled out, but upside should be limited by 1.1249 resistance to bring down trend resumption. Break of 1.1051 will target 1.1026 low and below. However, sustained break of 1.1249 will have 55 day EMA taken out too. Stronger rise should then be seen to 1.1412 key resistance.

In the bigger picture, down trend from 1.2555 (2018 high) is in progress and extending. Prior rejection of 55 week EMA also maintained bearishness. Further fall should be seen to 78.6% retracement of 1.0339 to 1.2555 at 1.0813. Decisive break there will target 1.0339 (2017 low). On the upside, break of 1.1412 resistance is needed to indicate medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1741; (P) 1.1808; (R1) 1.1844; More

Intraday bias in EUR/USD is back on the downside with break of 1.1780. Fall from 1.2265, as the third leg of correction from 1.2348, would target 1.1703 support. On the upside, though, break of 1.1880 resistance should indicate short term bottoming, and bring stronger rebound to 1.1974 resistance first.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally could be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516). This will remain the favored case as long as 1.1602 support holds. Reaction from 1.2555 should reveal underlying long term momentum in the pair. However sustained break of 1.1602 will argue that the rise from 1.0635 is over, and turn medium term outlook bearish again.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1798; (P) 1.1833; (R1) 1.1853; More…..

EUR/USD recovered after hitting 4 hour 55 EMA but stays below 1.1880 temporary top. Intraday bias remains neutral first. Further rise is expected as long as 1.1688 support holds. Break of 1.1880 will target a test on 1.2011 high. Nevertheless, break of 1.1688 will likely resume the correction from 1.2011, and turn bias to the downside for 1.1612 and below.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1422 resistance turned support holds.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0901; (P) 1.0978; (R1) 1.1019; More

Intraday bias in EUR/USD remains neutral as 1.0929 support stays intact. On the upside, break of 1.1138 will resume the rise from 1.0447 to retest 1.1274 high. Meanwhile, break of 1.0929 will indicate short term topping and turn bias back to the downside for 1.0772 support.

In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is seen as the second leg. While further rally could cannot be ruled out, upside should be limited by 1.1274 to bring the third leg of the pattern. Meanwhile, sustained break of 1.0722 support will argue that the third leg has already started for 1.0447 and below.

EUR/USD Daily Outlook

Daily Pivots: (S1) 0.9939; (P) 0.9987; (R1) 1.0068; More

Intraday bias in EUR/USD remains neutral for the moment. On the upside, firm break of 1.0092 will resume the rebound from 0.9534. Next target is 1.0368 resistance. On the downside, break of 0.9729 will reaffirm the case the corrective rise from 0.9534 has completed at 1.0092. Deeper fall would then be seen to retest 0.9534 low next.

In the bigger picture, medium term outlook stays bearish with trading inside the falling channel. That is larger down trend from 1.2348 (2021 high) is still in progress. Firm break of 0.9534 low will confirm this bearish case. However, break of 1.0092 will add to the case of medium term bottoming, on bullish convergence condition in daily MACD, and bring further rally towards 55 week EMA (now at 1.0583).

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1178; (P) 1.1202; (R1) 1.1225; More…..

No change in EUR/USD’s outlook and intraday bias remains neutral. Consolidation from 1.1111 might extend. In case of another rise, upside should be limited well below 1.1324 resistance. On the downside, break of 1.1173 will turn bias to the downside for 1.1111 low. Break will extend down trend to 100% projection of 1.1448 to 1.1183 from 1.1324 at 1.1059.

In the bigger picture, down trend from 1.2555 (2018 high) has just resumed. 61.8% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.1186 was also taken out. Current fall should now target 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.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1542; (P) 1.1579; (R1) 1.1632; More…..

Intraday bias in EUR/USD remains neutral at this point. Rebound from 1.1300 could extend with another rise. But upside should be limited by 38.2% retracement of 1.2555 to 1.1300 at 1.1779, at least on first attempt. On the downside, break of 1.1525 will indicate completion of the rebound and turn bias to the downside for retesting 1.1300 low. Overall, price actions from 1.1300 are forming a corrective pattern, that could extend for a while before completion.

In the bigger picture, a medium term bottom should be in place at 1.1300, on bullish convergence condition in daily MACD and some consolidations would be seen. But still, note that EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. That carries some long term bearish implications. Thus, we’d expect fall from 1.2555 high to resume after consolidation completes. Below 1.1300 should send EUR/USD through 61.8% retracement of 1.0339 to 1.2555 at 1.1186. And, in that case, EUR/USD would head to retest 1.0339 (2017 low).

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1355; (P) 1.1399; (R1) 1.1426; More….

EUR/USD is staying in consolidation below 1.1452 temporary top. Intraday bias remains neutral first. Further rise could still be seen and break of 1.1452 will target 1.1496 key resistance. Firm break there will carry larger bullish implications and target 61.8% projection of 1.0774 to 1.1422 from 1.1168 at 1.1568 next. On the downside, break of 1.1325 minor support will turn bias back to the downside for 1.1168 support. Decisive break there will indicate near term bearish reversal.

In the bigger picture, as long as 1.1496 resistance holds, whole down trend from 1.2555 (2018 high) should still be in progress. Next target is 1.0339 (2017 low). However, sustained break of 1.1496 will argue that such down trend has completed. Rise from 1.0635 could then be seen as the third leg of the pattern from 1.0339. In this case, outlook will be turned bullish for retesting 1.2555.

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

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1243; (P) 1.1288; (R1) 1.1317; More….

Range trading continues in EUR/USD and intraday bias remains neutral for the moment. On the upside, break of 1.1348 will argue that consolidation from 1.1422 has possible completed. Intraday bias will be turned back to the upside, to resume the rally from 1.0635 through 1.1422 to 1.1496 key resistance. On the downside, break of 1.1168 will extend the correction from 1.1422 and target 38.2% retracement of 1.0635 to 1.1422 at 1.1121.

In the bigger picture, as long as 1.1496 resistance holds, whole down trend from 1.2555 (2018 high) should still be in progress. Next target is 1.0339 (2017 low). However, sustained break of 1.1496 will argue that such down trend has completed. Rise from 1.0635 could then be seen as the third leg of the pattern from 1.0339. In this case, outlook will be turned bullish for retesting 1.2555.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0885; (P) 1.0953 (R1) 1.0991; More….

Intraday bias in EUR/USD remains neutral for consolidation below 1.1020 temporary top. Another rise will be expected as long as 1.0874 support holds. Above 1.1020 will extend current rally to 100% projection of 1.0339 to 1.0828 from 1.0569 at 1.1058. However, rise from 1.0339 is still seen as a corrective move. Hence we’d expect strong resistance from 1.1058 projection to limit upside and bring near term reversal. On the downside, break of 1.0874 support will turn bias back to the downside for 1.0569 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 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 long term reversal.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0281; (P) 1.0389; (R1) 1.0448; More

Intraday bias in EUR/USD stays neutral for the moment and more consolidations could be seen. Further rally is expected as long as 1.0222 support holds. Break of 1.0496 will resume the rise from 0.9534 to 1.0609 fibonacci level. However, firm break of 1.0222 will turn bias back to the downside for 1.0092 resistance turned support.

In the bigger picture, a medium term bottom was in place at 0.9534, on bullish convergence condition in daily MACD. Even as a corrective rise, rally from 0.9534 should target 38.2% retracement of 1.2348 (2021 high) to 0.9534 at 1.0609. Sustained trading above 55 week EMA (now at 1.0566) will raise the chance of trend reversal and target 61.8% retracement at 1.1273. This will now remain the favored case as long as 1.0092 resistance turned support holds.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1026; (P) 1.1041; (R1) 1.1068; More

Intraday bias in EUR/USD remains neutral first and further fall is expected as long as 1.1073 resistance holds. Corrective rebound from 1.0879 should have completed at 1.1175. Below 1.0989 will turn bias to the downside for retesting 1.0879 low. However, break of 1.1073 will dampen this bearish view and turn bias to the upside for 1.1175.

In the bigger picture, at this point, rebound from 1.0879 is seen as a corrective move first. in case of another rise, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, down trend from 1.2555 (2018 high) would resume at a later stage. However, sustained break of 1.1519 will dampen this bearish view and bring stronger rise to 61.8% retracement at 1.1915 next.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1248; (P) 1.1261; (R1) 1.1285; More

Intraday bias in EUR/USD remains neutral at this point but further rise is mildly in favor. On the upside, above 1.1285 will extend the rise from 1.1193 to 1.1412 resistance next. On the downside, below 1.1193 will resume the fall from 1.1412 to retest 1.1107 low.

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.

EUR/USD Weekly Outlook

EUR/USD stayed in range last week despite some decline attempts. Initial bias remains neutral this week first. Focus will be on 1.2251 minor support. Break there will confirm completion of rebound from 1.2154. And intraday bias will be turned to the downside to extend the fall from 1.2555. On the upside, break of 1.2445 will target a test on 1.2555 high. Decisive break there will resume medium term rally and carry larger bullish implication.

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 the long term picture, 1.0339 is 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 from 1.0339 is developing into a corrective or impulsive pattern. Reaction to 38.2% retracement of 1.6039 to 1.0339 at 1.2516 will give important clue to the underlying momentum.