Fri, Jan 21, 2022 @ 01:45 GMT

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0608; (P) 1.0638 (R1) 1.0668; More…..

EUR/USD recovers mildly after dipping to 1.0670. But intraday bias stays on the downside with 1.0713 minor resistance intact. Corrective rise from 1.0339 should have completed at 1.0838 already. Deeper decline should now be seen to retest 1.0339 low. Decisive break there will confirm resumption of medium term down trend. On the upside, however, above 1.0713 minor resistance will delay the bearish case and turn bias neutral first.

In the bigger picture, whole down trend from 1.6039 (2008 high) is in progress. Such down trend is expected to extend to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. On the upside, break of 1.1298 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

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