Tue, May 18, 2021 @ 22:57 GMT

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2008; (P) 1.2026; (R1) 1.2053; More….

EUR/USD is staying in range below 1.2079 temporary top and intraday bias stays neutral first. Further rally is expected with 1.1941 minor support intact. As noted before, correction from 1.2348 should have completed with three waves down to 1.1703. Break of 1.2079 will target 1.2442/2348 resistance zone. However, break of 1.1941 will argue that the rebound from 1.1703 has completed, and turn bias back to the downside for this support.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.2008; (P) 1.2026; (R1) 1.2053; More….

Intraday bias in EUR/USD remains neutral for consolidation below 1.2079 temporary top. Further rally is expected with 1.1941 minor support intact. As noted before, correction from 1.2348 should have completed with three waves down to 1.1703. Break of 1.2079 will target 1.2442/2348 resistance zone. However, break of 1.1941 will argue that the rebound from 1.1703 has completed, and turn bias back to the downside for this support.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2013; (P) 1.2046; (R1) 1.2070; More….

A temporary top is formed at 1.2079 in EUR/USD and intraday bias is turned neutral first. But further rally is expected as long as 1.1941 support holds. As noted before, correction from 1.2348 should have completed with three waves down to 1.1703. Break of 1.2079 will target 1.2442/2348 resistance zone. However, break of 1.1941 will argue that the rebound from 1.1703 has completed, and turn bias back to the downside for this support.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.2013; (P) 1.2046; (R1) 1.2070; More….

Intraday bias in EUR/USD remains mildly on the upside at this point. Correction from 1.2348 should have completed with three waves down to 1.1703. Further rise should be seen to 1.2442/2348 resistance zone. For now, further rally will remain in favor as long as 1.1941 support holds, in case of retreat.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1970; (P) 1.2009; (R1) 1.2075; More….

EUR/USD’s rise from 1.1703 is still in progress and intraday bias stays on the upside. Correction from 1.2348 should have completed with three waves down to 1.1703. Further rise should be seen to 1.2442/2348 resistance zone. For now, further rally will remain in favor as long as 1.1941 support holds, in case of retreat.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1970; (P) 1.2009; (R1) 1.2075; More….

Intraday bias in EUR/USD remains on the upside for the moment. Correction from 1.2348 should have completed with three waves down to 1.1703. Further rise should be seen to 1.2442/2348 resistance zone. For now, further rally will remain in favor as long as 1.1941 support holds, in case of retreat.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1956; (P) 1.1976; (R1) 1.2000; More….

EUR/USD’s rise from 1.1703 resumes today and it finally breaks 1.1988 resistance decisively. Currently development affirms our bullish view that correction from 1.2348 has completed at 1.1703. Intraday bias is back on the upside for 1.2442/2348 resistance zone. On the downside, through, break of 1.1941 minor support will dampen this bullish view and turn bias neutral 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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1956; (P) 1.1976; (R1) 1.2000; More….

Intraday bias in EUR/USD remains neutral at this point. Further rally will remain in favor as long as 1.1876 support holds. Sustained trading above 1.1988 resistance will affirm our bullish view that correction from 1.2348 has completed at 1.1703. Further rally would then be seen to 1.2242/2348 resistance zone. However, break of 1.1876 support will turn bias back to the downside for 38.2% retracement of 1.0635 to 1.2348 at 1.1694 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 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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Weekly Outlook

EUR/USD rose further to 1.1994 last week, but struggled to break through 1.1988 resistance decisively. Initial bias is neutral this week for some consolidations first. Further rally will remain in favor as long as 1.1876 support holds. Sustained trading above 1.1988 resistance will affirm our bullish view that correction from 1.2348 has completed at 1.1703. Further rally would then be seen to 1.2242/2348 resistance zone. However, break of 1.1876 support will turn bias back to the downside for 38.2% retracement of 1.0635 to 1.2348 at 1.1694 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 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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

In the long term picture, the case of long term bullish reversal continues to build up, with bullish convergence condition in monthly MACD, sustained trading above 55 month EMA and long trend falling trend line. Focus is now on 1.2555 cluster resistance (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). Decisive break there will confirm and target 61.8% retracement at 1.3862 and above.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1950; (P) 1.1972; (R1) 1.1987; More….

No change in EUR/USD’s outlook as focus stays on 1.1988 resistance. Decisive break there should affirm the case that correction from 1.2348 has completed at 1.1703. Further rally should then be seen to retest 1.2242/2348 resistance zone. On the downside, below 1.1876 minor support will dampen the bullish case, and turn bias back to the downside for 38.2% retracement of 1.0635 to 1.2348 at 1.1694.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1950; (P) 1.1972; (R1) 1.1987; More….

Focus stays on 1.1988 resistance in EUR/USD. Decisive break there should affirm the case that correction from 1.2348 has completed at 1.1703. Further rally should then be seen to retest 1.2242/2348 resistance zone. On the downside, below 1.1876 minor support will dampen the bullish case, and turn bias back to the downside for 38.2% retracement of 1.0635 to 1.2348 at 1.1694.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1957; (P) 1.1972; (R1) 1.1996; More….

Intraday bias in EUR/USD remains on the upside with focus on 1.1988 resistance. Decisive break there should affirm the case that correction from 1.2348 has completed at 1.1703. Further rally should then be seen to retest 1.2242/2348 resistance zone. On the downside, below 1.1876 minor support will dampen the bullish case, and turn bias back to the downside for 38.2% retracement of 1.0635 to 1.2348 at 1.1694.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1957; (P) 1.1972; (R1) 1.1996; More….

Intraday bias in EUR/USD stays on the upside for the moment. Decisive break of 1.1988 resistance should affirm the case that correction from 1.2348 has completed at 1.1703. Further rally should then be seen to retest 1.2242/2348 resistance zone. On the downside, below 1.1876 minor support will dampen the bullish case, and turn bias back to the downside for 38.2% retracement of 1.0635 to 1.2348 at 1.1694.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1899; (P) 1.1928; (R1) 1.1977; More….

EUR/USD’s rebound from 1.1703 is still in progress and intraday bias stays on the upside. Firm break of 1.1988 resistance should affirm the case that correction from 1.2348 has completed at 1.1703. Further rally should then be seen to 1.2242 key resistance for confirmation. On the downside, below 1.1876 minor support will dampen the bullish case, and turn bias back to the downside for 38.2% retracement of 1.0635 to 1.2348 at 1.1694.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1899; (P) 1.1928; (R1) 1.1977; More….

Intraday bias in EUR/USD remains on the upside for 1.1988 resistance. Firm break there should affirm the case that correction from 1.2348 has completed at 1.1703. Further rally should then be seen to 1.2242 key resistance for confirmation. On the downside, below 1.1876 minor support will dampen the bullish case, and turn bias back to the downside for 38.2% retracement of 1.0635 to 1.2348 at 1.1694.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1882; (P) 1.1900; (R1) 1.1930; More….

EUR/USD’s break of 1.1926 temporary top suggests resumption of rebound from 1.1703. Intraday bias is back on the upside for 1.1988 resistance. Firm break there should affirm the case that correction from 1.2348 has completed at 1.1703. EUR/USD should then target 1.2242 key resistance for confirmation. On the downside, below 1.1866 minor support will turn bias back to the downside back to 38.2% retracement of 1.0635 to 1.2348 at 1.1694.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1882; (P) 1.1900; (R1) 1.1930; More….

Intraday bias in EUR/USD remains neutral for the moment. Further rise is in favor with 1.1821 minor support intact. Above 1.1926 will resume the rebound from 1.1703 to 1.1988 resistance. Firm break there should affirm the case that correction from 1.2348 has completed at 1.1703. On the downside, however, break of 1.1821 will turn bias back to the downside back to 38.2% retracement of 1.0635 to 1.2348 at 1.1694.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1872; (P) 1.1896; (R1) 1.1925; More….

Intraday bias in EUR/USD stays neutral for consolidation below 1.1926 temporary top. Further rise is in favor with 1.1821 minor support intact. Above 1.1926 will resume the rebound from 1.1703 to 1.1988 resistance. Firm break there should affirm the case that correction from 1.2348 has completed at 1.1703. On the downside, however, break of 1.1821 will turn bias back to the downside back to 38.2% retracement of 1.0635 to 1.2348 at 1.1694.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1872; (P) 1.1896; (R1) 1.1925; More….

Intraday bias in EUR/USD is neutral for the moment, but further rise is in favor with 1.1821 minor support intact. Above 1.1926 will resume the rebound from 1.1703 to 1.1988 resistance. Firm break there should affirm the case that correction from 1.2348 has completed at 1.1703. On the downside, however, break of 1.1821 will turn bias back to the downside back to 38.2% retracement of 1.0635 to 1.2348 at 1.1694.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

EUR/USD Weekly Outlook

EUR/USD’s strong rebound last week suggests that correction from 1.2348 has completed at 1.1703, just ahead of 38.2% retracement of 1.0635 to 1.2348 at 1.1694. Further rise is in favor this week as long as 1.1821 minor support holds. Break of 1.1988 will affirm this bullish case and target 1.2442 resistance for confirmation. However, break of 1.1821 will turn bias back to the downside for 1.1703 again.

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. However, sustained break of 1.1602 will argue that whole rise from 1.10635 has completed. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289.

In the long term picture, the case of long term bullish reversal continues to build up, with bullish convergence condition in monthly MACD, sustained trading above 55 month EMA and long trend falling trend line. Focus is now on 1.2555 cluster resistance (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). Decisive break there will confirm and target 61.8% retracement at 1.3862 and above.