EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1194; (P) 1.1207; (R1) 1.1220; More

A temporary low is in place at 1.1193 and intraday bias in EUR/USD is turned neutral first. As long as 1.1268 minor resistance holds, further decline is expected. On the downside, firm break of 1.1181 support will confirm completion of rebound from 1.1107 at 1.1412. Further fall should then be see to retest 1.1107 low. On the upside, above 1.1268 minor resistance will turn intraday bias back to the upside for 1.1412 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.

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