EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1019; (P) 1.1031; (R1) 1.1045; More

EUR/USD is losing some downside momentum. But intraday bias stays on the downside for further fall for now. Corrective rebound from 1.0879 should have completed at 1.1175 already. Deeper decline would be seen to retest 1.0879 low. Break will resume larger down trend from 1.2555. On the upside, though, above 1.1092 minor resistance will turn intraday bias neutral first.

In the bigger picture, at this point, rebound from 1.0879 is seen as a corrective move first. in case of another rise, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, 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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