EURUSD Outlook

Daily Pivots: (S1) 1.1593; (P) 1.1658; (R1) 1.1727; More….

Intraday bias in EUR/USD is turned neutral first with current retreat. Some consolidations could be seen but further rise is expected as long as 55 4H EMA (now at 1.1584) holds. Fall from 1.2081 could have completed as a correction at 1.1408. Above 1.1720 will resume the rise from 1.1408 to 1.8% retracement of 1.2081 to 1.1408 at 1.1824. However, sustained break of 55 4H EMA will suggest that the rebound has completed, and bring retest of 1.1408 low instead.

In the bigger picture, the strong support from 38.2% retracement of 1.0176 to 1.2081 at 1.1353 suggests that the pullback from 1.2081 is more likely a corrective move. Strong support was also found in 55 W EMA (now at 1.1505). Focus is back on 1.2 key cluster resistance level. Decisive break there will carry long term bullish implications. Nevertheless, break of 1.1408 support will revive the case of medium term bearish trend reversal.

Daily Pivots: (S1) 1.1593; (P) 1.1658; (R1) 1.1727; More….

Intraday bias in EUR/USD stays mildly on the upside at this point. Fall from 1.2081 could have completed as a correction at 1.1408. Further rise should be seen to 61.8% retracement of 1.2081 to 1.1408 at 1.1824. Firm break there will pave the way to retest 1.2081 high. On the downside, below 1.1626 minor support will turn intraday bias neutral and bring consolidations first.

In the bigger picture, the strong support from 38.2% retracement of 1.0176 to 1.2081 at 1.1353 suggests that the pullback from 1.2081 is more likely a corrective move. Strong support was also found in 55 W EMA (now at 1.1505). Focus is back on 1.2 key cluster resistance level. Decisive break there will carry long term bullish implications. Nevertheless, break of 1.1408 support will revive the case of medium term bearish trend reversal.

Daily Pivots: (S1) 1.1546; (P) 1.1575; (R1) 1.1627; More….

Intraday bias in EUR/USD remains on the upside for the moment. Fall from 1.2081 could have completed as a correction at 1.1408. Further rise should be seen to 61.8% retracement of 1.2081 to 1.1408 at 1.1824. Firm break there will pave the way to retest 1.2081 high. On the downside, below 1.1626 minor support will turn intraday bias neutral and bring consolidations first.

In the bigger picture, the strong support from 38.2% retracement of 1.0176 to 1.2081 at 1.1353 suggests that the pullback from 1.2081 is more likely a corrective move. Strong support was also found in 55 W EMA (now at 1.1505). Focus is back on 1.2 key cluster resistance level. Decisive break there will carry long term bullish implications. Nevertheless, break of 1.1408 support will revive the case of medium term bearish trend reversal.