Sun, Aug 01, 2021 @ 10:25 GMT

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1132; (P) 1.1156; (R1) 1.1172; More

Intraday bias in EUR/USD remains neutral for consolidation below 1.1179 temporary top. Downside of retreat should be contained by 1.1602 support to bring another rally. On the upside, break of 1.1179 will resume the rally from 1.0879 to 1.1412 key resistance next. However, break of 1.1062 will turn focus back to 1.0879 low instead.

In the bigger picture, at this point, rebound from 1.0879 is seen as a corrective move first. Hence, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, down trend from down trend from 1.2555 (2018 high) would resume at a later stage. However, sustained break of 1.1519 will dampen this bearish view and bring stronger rise to 61.8% retracement at 1.1915 next.

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