Wed, Dec 07, 2022 @ 12:37 GMT

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 0.9975; (P) 1.0031; (R1) 1.0070; More

EUR/USD’s break of 1.0092 resistance now confirms resumption of whole rebound from 0.9534. Intraday bias is back on the upside for 38.2% retracement of 1.1494 to 0.9534 at 1.0283, even as a corrective rise. Sustained break there will target 55 week EMA (now at 1.0567). On the downside, break of 0.9934 will dampen the bullish case and turn intraday bias neutral first.

In the bigger picture, break of the medium term channel resistance, bullish convergence condition in daily MACD, as well as some support from 55 day EMA are bullish signs. A medium term bottom should be in place at 0.9534. Stronger rebound should be seen back towards 55 week EMA (now at 1.0567). It’s still early to conclude that the medium term trend is reversing, at least until sustained break of 55 week EMA.

EUR/USD Daily Outlook

Daily Pivots: (S1) 0.9975; (P) 1.0031; (R1) 1.0070; More

Intraday bias in EUR/USD remains neutral for the moment. On the upside, firm break of 1.0092 will resume whole rise from 0.9534. Further rally should then be seen to 38.2% retracement of 1.1494 to 0.9534 at 1.0283, even as a corrective rise. On the downside, however, break of 0.9907 minor support will turn bias back to the downside for 0.9729 support first. Break there should bring retest of 0.9534 low.

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) 0.9999; (P) 0.9987; (R1) 1.0122; More

EUR/USD retreats after hitting 1.0092 and intraday bias remains neutral first. On the upside, firm break of 1.0092 will resume whole rise from 0.9534. Further rally should then be seen to 38.2% retracement of 1.1494 to 0.9534 at 1.0283, even as a corrective rise. On the downside, however, break of 0.9907 minor support will turn bias back to the downside for 0.9729 support first. Break there should bring retest of 0.9534 low.

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 Daily Outlook

Daily Pivots: (S1) 0.9999; (P) 0.9987; (R1) 1.0122; More

Immediate focus is now on 1.0092 resistance in EUR/USD. Firm break there will resume the whole rise from 0.9534. Further rally should then be seen to 38.2% retracement of 1.1494 to 0.9534 at 1.0283, even as a corrective rise. On the downside, break of 0.9729 support will turn bias back to the downside for retesting 0.9534 low instead.

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) 0.9939; (P) 0.9987; (R1) 1.0068; More

EUR/USD’s rebound lose momentum ahead of 1.0092 resistance and intraday bias remains neutral. 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 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) 0.9812; (P) 0.9890; (R1) 1.0036; More

EUR/USD’s rebound from 0.9729 extends higher but stays well below 1.0092 resistance. Intraday bias remains neutral first. 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 Daily Outlook

Daily Pivots: (S1) 0.9812; (P) 0.9890; (R1) 1.0036; More

Intraday bias in EUR/USD remains neutral at this point. 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 resistance next. However, break of 1.0092 will resume the rebound towards 1.0368 resistance instead.

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 Weekly Outlook

EUR/USD dropped notably to 0.9729 last week but then recovered. Initial bias stays neutral this week first. 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 resistance next. However, break of 1.0092 will resume the rebound towards 1.0368 resistance instead.

EUR/USD 4 Hours Chart

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 Daily Chart

In the long term picture, long term down trend from 1.6039 (2008 high) is extending. Next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. This will now remain the favored case as long as 1.0635 support turned resistance holds.

EUR/USD Weekly Chart

EUR/USD Monthly Chart

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 0.9707; (P) 0.9773; (R1) 0.9817; More

Intraday bias in EUR/USD is turned neutral first with break of 0.9872 minor resistance. At this point, the favored case is still that corrective pattern form 0.9534 has completed with three waves up to 1.0092. Risk will stay on the downside as long as 1.0092 resistance holds. Break of 0.9729 will target a test of 0.9534/9630 support zone.

In the bigger picture, medium term term bearishness is retained with failure to sustain above 55 day EMA (now at 0.9930). 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. For now, risk will stay on the downside as long as 1.0092 resistance holds, in case of recovery.

EUR/USD Daily Outlook

Daily Pivots: (S1) 0.9707; (P) 0.9773; (R1) 0.9817; More

Intraday bias in EUR/USD stays on the downside for the moment. Corrective pattern from 0.9534 should have completed with three waves up to 1.0092. Deeper decline would be seen to 0.9534/9630 support zone. On the upside, above 0.9872 minor resistance will turn intraday bias neutral again first.

In the bigger picture, medium term term bearishness is retained with failure to sustain above 55 day EMA (now at 0.9930). 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. For now, risk will stay on the downside as long as 1.0092 resistance holds, in case of recovery.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 0.9761; (P) 0.9868; (R1) 0.9924; More

Intraday bias in EUR/USD remains on the downside at this point. Corrective pattern from 0.9534 should have completed with three waves up to 1.0092. Deeper decline would be seen to 0.9534/9630 support zone. On the upside, above 0.9872 minor resistance will turn intraday bias neutral again first.

In the bigger picture, medium term term bearishness is retained with failure to sustain above 55 day EMA (now at 0.9930). 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. For now, risk will stay on the downside as long as 1.0092 resistance holds, in case of recovery.

EUR/USD Daily Outlook

Daily Pivots: (S1) 0.9761; (P) 0.9868; (R1) 0.9924; More

EUR/USD’s break of 0.9847 argues that corrective pattern from 0.9534 has completed with three waves up to 1.0092. Such development revives near term bearishness too. Intraday bias is back on the downside for retesting 0.9534/9630 support zone. On the upside, above 0.9975 minor resistance will turn intraday bias neutral again first.

In the bigger picture, medium term term bearishness is retained with failure to sustain above 55 day EMA (now at 0.9930). 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. For now, risk will stay on the downside as long as 1.0092 resistance holds, in case of recovery.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 0.9833; (P) 0.9894; (R1) 0.9934; More

EUR/USD is staying in range of 0.9847/1.0092 and intraday bias remains neutral. Further rise is in favor as long as 0.9847 minor support holds. Break of 1.0092 will target 38.2% retracement of 1.1494 to 0.9534 at 1.0283. However, break of 0.9847 will turn bias back to the downside for 0.9534/9630 support zone instead.

In the bigger picture, the case of medium term bottoming at 0.9534 building up, with bullish convergence condition in daily MACD. While it is too early to call for trend reversal, firm break of 0.9998 opens up stronger rebound back to 55 week EMA (now at 1.0630) even as a corrective rise. However, sustained trading back below 55 day EMA (now at 0.9938) will revive medium term bearishness for another fall through 0.9534 low.

EUR/USD Daily Outlook

Daily Pivots: (S1) 0.9833; (P) 0.9894; (R1) 0.9934; More

Intraday bias in EUR/USD remains neutral for the moment. Further rise is in favor as long as 0.9847 minor support holds. Break of 1.0092 will target 38.2% retracement of 1.1494 to 0.9534 at 1.0283. However, break of 0.9847 will turn bias back to the downside for 0.9534/9630 support zone instead.

In the bigger picture, the case of medium term bottoming at 0.9534 building up, with bullish convergence condition in daily MACD. While it is too early to call for trend reversal, firm break of 0.9998 opens up stronger rebound back to 55 week EMA (now at 1.0630) even as a corrective rise. However, sustained trading back below 55 day EMA (now at 0.9938) will revive medium term bearishness for another fall through 0.9534 low.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 0.9849; (P) 0.9908; (R1) 0.9942; More

Intraday bias in EUR/USD stays neutral and outlook is unchanged. Further rise is in favor as long as 0.9847 minor support holds. Break of 1.0092 will target 38.2% retracement of 1.1494 to 0.9534 at 1.0283. However, break of 0.9847 will turn bias back to the downside for 0.9534/9630 support zone instead.

In the bigger picture, the case of medium term bottoming at 0.9534 building up, with bullish convergence condition in daily MACD. While it is too early to call for trend reversal, firm break of 0.9998 opens up stronger rebound back to 55 week EMA (now at 1.0630) even as a corrective rise. However, sustained trading back below 55 day EMA (now at 0.9938) will revive medium term bearishness for another fall through 0.9534 low.

EUR/USD Daily Outlook

Daily Pivots: (S1) 0.9849; (P) 0.9908; (R1) 0.9942; More

EUR/USD is staying above 0.9847 minor support and intraday bias remain neutrals first. Further rise is in favor as long as 0.9847 minor support holds. Break of 1.0092 will target 38.2% retracement of 1.1494 to 0.9534 at 1.0283. However, break of 0.9847 will turn bias back to the downside for 0.9534/9630 support zone instead.

In the bigger picture, the case of medium term bottoming at 0.9534 building up, with bullish convergence condition in daily MACD. While it is too early to call for trend reversal, firm break of 0.9998 opens up stronger rebound back to 55 week EMA (now at 1.0630) even as a corrective rise. However, sustained trading back below 55 day EMA (now at 0.9938) will revive medium term bearishness for another fall through 0.9534 low.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 0.9930; (P) 0.9964; (R1) 1.0001; More

Intraday bias in EUR/USD remains neutral for the moment. Further rise is in favor as long as 0.9847 minor support holds. Break of 1.0092 will target 38.2% retracement of 1.1494 to 0.9534 at 1.0283. However, break of 0.9847 will turn bias back to the downside for 0.9534/9630 support zone instead.

In the bigger picture, the case of medium term bottoming at 0.9534 building up, with bullish convergence condition in daily MACD. While it is too early to call for trend reversal, firm break of 0.9998 opens up stronger rebound back to 55 week EMA (now at 1.0630) even as a corrective rise. However, sustained trading back below 55 day EMA (now at 0.9938) will revive medium term bearishness for another fall through 0.9534 low.

EUR/USD Daily Outlook

Daily Pivots: (S1) 0.9930; (P) 0.9964; (R1) 1.0001; More

Intraday bias in EUR/USD stays neutral for consolidation below 1.0092. Further rise is in favor as long as 0.9847 minor support holds. Break of 1.0092 will target 38.2% retracement of 1.1494 to 0.9534 at 1.0283. However, break of 0.9847 will turn bias back to the downside for 0.9534/9630 support zone instead.

In the bigger picture, the case of medium term bottoming at 0.9534 building up, with bullish convergence condition in daily MACD. While it is too early to call for trend reversal, firm break of 0.9998 opens up stronger rebound back to 55 week EMA (now at 1.0630) even as a corrective rise. However, sustained trading back below 55 day EMA (now at 0.9938) will revive medium term bearishness for another fall through 0.9534 low.

EUR/USD Weekly Outlook

EUR/USD’s rebound from 0.9534 resumed last week but retreated after hitting 1.0092. Initial bias is neutral this week first. Further rise is in favor as long as 0.9847 minor support holds. Break of 1.0092 will target 38.2% retracement of 1.1494 to 0.9534 at 1.0283. However, break of 0.9847 will turn bias back to the downside for 0.9534/9630 support zone instead.

In the bigger picture, the case of medium term bottoming at 0.9534 building up, with bullish convergence condition in daily MACD. While it is too early to call for trend reversal, firm break of 0.9998 opens up stronger rebound back to 55 week EMA (now at 1.0630) even as a corrective rise. However, sustained trading back below 55 day EMA (now at 0.9938) will revive medium term bearishness for another fall through 0.9534 low.

In the long term picture, long term down trend from 1.6039 (2008 high) is extending. Next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. This will now remain the favored case as long as 1.0635 support turned resistance holds.