Daily Pivots: (S1) 1.0752; (P) 1.0811; (R1) 1.0846; More…

EUR/USD is staying in consolidation from 1.0873 and intraday bias remains neutral. Further rally is expected as long as 1.0482 support holds. On the upside, break of 1.0873 will resume larger rally from 0.9534 to 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next.

In the bigger picture, current development suggests that the rally from 0.9534 low (2022 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.

Daily Pivots: (S1) 1.1160; (P) 1.1196; (R1) 1.1216; More…..

Intraday bias in EUR/USD remains neutral at this point. While recovery from 1.1026 might extend, we’d still expect strong resistance from 1.1282 to limit upside. On the downside, below 1.1133 minor support will turn bias back to the downside. Break of 1.1026 will extend the downtrend from 1.2555. Though, break of 1.1282 will turn focus back to 1.1412 resistance next.

In the bigger picture, current development suggests that down trend from 1.2555 (2018) 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.

Daily Pivots: (S1) 1.0842; (P) 1.0863; (R1) 1.0879; More…

EUR/USD’s break of 1.0790 support argues that rebound from 1.0723 has completed at 1.0884 already. Intraday bias is back on the downside of 1.0723 support. Break there will target 1.0694 support next. For now, risk will stay mildly on the downside as long as 1.0884 resistance holds, in case of recovery.

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 1.0694 support will argue that the third leg has already started for 1.0447 and possibly below.

Daily Pivots: (S1) 1.1004; (P) 1.1034; (R1) 1.1066; More…

Outlook in EUR/USD remain unchanged. Corrective recovery from 1.0879 could extend higher. But upside should be limited by 1.1109 resistance to bring down trend resumption. On the downside, break of 1.1000 minor support will turn bias back to the downside for retesting 1.0879 low first. However, firm break of 1.1109 will be an early sign of medium term bottoming and target 1.1412 key resistance next.

In the bigger picture, down trend from 1.2555 (2018 high) is in progress. 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 confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

Daily Pivots: (S1) 1.0668; (P) 1.0696; (R1) 1.0727; More…

Intraday bias in EUR/USD remains neutral and outlook is unchanged. Further rally is in favor as long as 55 4H EMA (now at 1.0646) holds. Decisive break of 1.0764 cluster resistance (38.2% retracement of 1.1274 to 1.0447 at 1.0763) will extend the rise from 1.0447 to 61.8% retracement at 1.0958 next. However, sustained break of 55 4H EMA will argue that the rebound has completed, and target 1.0515 support, and then 1.0447 low.

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 tentatively seen as the second leg. Hence while further rally could be seen, upside should be limited by 1.1274 to bring the third leg of the pattern.

Daily Pivots: (S1) 1.1213; (P) 1.1239; (R1) 1.1275; More…

The break of 1.1268 minor resistance suggests that that fall from 1.1412 has completed at 1.1193 already, ahead of 1.1181 support. Intraday bias is turned back to the upside for retesting 1.1412 first. Break will resume the whole rebound from 1.1107. On the downside, break of 1.1193 will turn bias back to the downside to retest 1.1107 low instead.

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.

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

Intraday bias in EUR/USD remains neutral for consolidation below 1.1309. Further rise is expected as long as 1.1200 holds. Break of 1.1309 will extend the rebound from 1.1107 short term bottom to 1.1448 key resistance. Decisive break there will carry larger bullish implications. However, break of 1.1200 should now confirm completion of the rebound from 1.1107. Intraday bias will then be turned back to the downside for 1.1107 low instead.

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.

Daily Pivots: (S1) 1.1803; (P) 1.1830; (R1) 1.1866; More…

Intraday bias in EUR/USD stays mildly on the upside at this point. Rise from 1.1663 short term bottom is on track to 1.1907 resistance first. Decisive break there will indicate that fall from 1.2265, as well as the consolidation pattern from 1.2348, have completed. Near term outlook will be turned bullish for 1.2265/2348 resistance. On the downside, break of 1.1778 resistance turned support will turn bias back to the downside for 1.1602/63 support zone instead.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally remains in favors long as 1.1602 support holds, to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516). However sustained break of 1.1602 will argue that the rise from 1.0635 is over, and turn medium term outlook bearish again. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289 and below.

Daily Pivots: (S1) 1.1626; (P) 1.1642; (R1) 1.1668; More…

Further rise is still expected in EUR/USD with 1.1571 minor support intact. Sustained break of 55 day EMA (now at 1.1707) will be a sign that larger correction from 1.2348 has completed. Stronger rally would be seen to 1.1908 resistance for confirmation. On the downside, though, break of 1.1571 minor support will turn bias back to the downside for 1.1523 support instead.

In the bigger picture, price actions from 1.2348 should at least be a correction to rise from 1.0635 (2020 low). As long as 1.1908 resistance holds, deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289. Nevertheless break of 1.1908 resistance will revive medium term bullishness and turn focus back to 1.2348 high.

Daily Pivots: (S1) 1.0818; (P) 1.0846; (R1) 1.0891; More…

Intraday bias in EUR/USD remains neutral as sideway trading continues in very tight range. With 1.0765 support intact, further rally remains in favor. On the upside, break of 1.0928 will resume larger rise to 61.8% projection of 0.9630 to 1.0733 from 1.0482 at 1.1164 next. On the downside, though, break of 1.0765 support should now confirm short term topping, and turn bias back to the downside for 55 day EMA (now at 1.0601).

In the bigger picture, current development suggests that the rally from 0.9534 low (2022 low) is a medium term up trend rather than a correction. Further rise 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.

Daily Pivots: (S1) 1.1043; (P) 1.1069; (R1) 1.1121; More…

With 1.1056 minor support intact, further rise is in favor in EUR/USD. Pull back from 1.1239 could have completed with three waves down to 1.0992. Corrective rise from 1.0879 is probably not over. Further rise should be seen to 1.1172 resistance and then 1.1239. On the downside, below 1.1056 minor support will turn bias back to the downside for 1.0992 support instead.

In the bigger picture, rebound from 1.0879 is seen as a corrective move at this point. 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.

Daily Pivots: (S1) 1.1058; (P) 1.1086; (R1) 1.1107; More…

With 1.1113 minor resistance intact, further decline is expected in EUR/USD for 1.1026 low. Decisive break there will extend the downtrend from 1.2555. Next target is 1.0813 fibonacci level. On the upside, above 1.1113 minor resistance will turn intraday bias back to the upside to extend the correction from 1.1026. But in that case, we’d expect strong resistance from 1.1249 to limit upside.

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.

Daily Pivots: (S1) 1.1103; (P) 1.1127; (R1) 1.1175; More…

Despite the current strong rebound, EUR/USD is staying below 1.1179 temporary top. Intraday bias remains neutral first. Further rise is expected with 1.1062 minor support intact. On the upside break of 1.1179 will resume the rebound from 1.0879 to 1.1412 key resistance. However, break of 1.1062 will argue that rebound from 1.0879 has completed. Intraday bias will be turned back to the downside for retesting 1.0879.

In the bigger picture, at this point, rebound from 1.0879 is seen as a corrective move first. Hence, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, down trend from 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.

Daily Pivots: (S1) 1.1770; (P) 1.1794 (R1) 1.1835; More…

EUR/USD drops sharply after ECB announcement. But it’s staying in range of 1.1669/1879 and intraday bias remains neutral at this point. On the downside, break of 1.1669 will resume the corrective fall from 1.2091 to 38.2% retracement of 1.0569 to 1.2091 at 1.1510. We’d expect strong support from there to complete the correction. On the upside, break of 1.1879 will revive the case that pull back from 1.2091 has already completed at 1.1669. In such case, intraday bias will be turned back to the upside for retesting 1.2091 high.

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.

Daily Pivots: (S1) 1.0988; (P) 1.1028; (R1) 1.1060; More…

Intraday bias in EUR/USD remains neutral as consolidation from 1.0926 continues. Outlook stays bearish with 1.1164 resistance intact and further fall is expected. On the downside, sustained break of 1.0926 will resume lager down trend from 1.2555 for 1.0813 fibonacci level next. However, decisive break of 1.1164 will be an early indication of larger reversal and target 1.1249 resistance.

In the bigger picture, down trend from 1.2555 (2018 high) is in progress. 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.

Daily Pivots: (S1) 1.0846; (P) 1.0877; (R1) 1.0906; More…

EUR/USD is extending consolidation above 1.0843 temporary low and intraday bias stays neutral. Outlook remains bearish with 1.0995 resistance intact. On the downside, break of 1.0843 will resume the fall from 1.1138 to 1.0722 support. Sustained break there will argue that whole rise from 1.0447 has completed, and target this low.

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.

Daily Pivots: (S1) 1.0788; (P) 1.0838; (R1) 1.0872; More…

Intraday bias in EUR/USD remains neutral for the moment. On the upside, break of 1.0887 will affirm the case that fall from 1.1138 has completed, and target this resistance. However, break of 1.0761 will turn bias back to the downside for retesting 1.0694 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 1.0694 support will argue that the third leg has already started for 1.0447 and possibly below.

Daily Pivots: (S1) 1.1187; (P) 1.1201; (R1) 1.1220; More…..

EUR/USD recovers again ahead of 1.1176 low and intraday bias is turned neutral. As long as 1.1273 minor resistance holds, further decline is in favor. Sustained break of 1.1176 will resume whole decline from 1.2555. On the upside, however, break of 1.1273 support turned resistance will turn bias back to the upside for 1.1448 instead.

In the bigger picture, medium term weakness was revived as the weak rebound from 1.1176 was rejected well below 55 week EMA and failed to sustain above 55 day EMA. Focus is back on 1.1176 low, with 61.8% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.1186. Decisive break there will resume whole down trend from 1.2555. Such decline target 1.0339 low next. On the upside, firm break of 1.1569 resistance is needed to be the first sign of medium term bottoming. Otherwise, downside breakout will be in favor.

Daily Pivots: (S1) 1.1122; (P) 1.1167 (R1) 1.1192; More….

EUR/USD continues to trade in consolidative trading in range of 1.1109/1295. Intraday bias remains neutral at this point. Focus stays on 1.1298 key resistance. Decisive break there will carry larger bullish implication and target 1.1615 resistance next. On the downside, break of 1.1109 support will indicate short term topping and rejection from 1.1298. In such case, intraday bias will be turned to the downside for 1.0838 support.

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 1.0932). 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.

Daily Pivots: (S1) 1.1004; (P) 1.1034; (R1) 1.1066; More…

No change in EUR/USD’s outlook as corrective recovery from 1.0879 could still extend. But upside should be limited by 1.1109 resistance to bring down trend resumption. On the downside, break of 1.0941 minor support should confirm completion of the recovery and turn bias to the downside for retesting 1.0879 low first. However, firm break of 1.1109 will be an early sign of medium term bottoming and target 1.1412 key resistance next.

In the bigger picture, down trend from 1.2555 (2018 high) is in progress. 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 confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.