EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0990; (P) 1.1014; (R1) 1.1059; More

EUR/USD’s rebound from 1.0926 extends higher today. But it’s staying well below 1.1164 resistance and further decline is still in favor. Break of 1.0926 will resume lager down trend from 1.2555. However, firm break of 1.1164 will turn near term outlook bullish for 1.1412 key resistance.

In the bigger picture, down trend from 1.2555 (2018 high) 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.

Featured Analysis

Learn Forex Trading