EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1079; (P) 1.1098; (R1) 1.1125; More…..

EUR/USD recovers higher today but it’s seen as staying in consolidation above 1.1026 temporary low. Intraday bias remains neutral first. Further decline is expected as long as 1.1162 resistance holds. On the downside, break of 1.1026 will target 161.8% projection of 1.1412 to 1.1193 from 1.1282 at 1.0928 next. Though, break of 1.1162 will dampen this view and bring stronger rebound.

In the bigger picture, current development suggests that down trend from 1.2555 (2018) is in progress and extending. Prior rejection of 55 week EMA also maintained bearishness. Further fall should be seen to 78.6% retracement of 1.0339 to 1.2555 at 1.0813. Decisive break there will target 1.0339 (2017 low). On the upside, break of 1.1412 resistance is needed to indicate medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

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