Sun, Aug 01, 2021 @ 11:54 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0789; (P) 1.0800; (R1) 1.0819; More

Intraday bias in EUR/USD remains on the downside at this point. Current down trend should target 200% projection of 1.1172 to 1.0992 from 1.1095 at 1.0735 next. On the upside, above 1.0861 minor resistance will turn intraday bias neutral and bring consolidations first. But recovery should be limited well below 1.0992 support turned resistance to bring fall resumption.

In the bigger picture, down trend from 1.2555 (2018 high) has just resumed and prior rejection by 55 week EMA affirms medium term bearishness. Sustained break of 78.6% retracement of 1.0339 (2017 low) to 1.2555 at 1.0813 will pave the way to retest 1.0339 low. For now, outlook will remain bearish as long as 1.1239 resistance holds, in case of strong rebound.

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