Sat, Jan 23, 2021 @ 13:37 GMT
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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0937; (P) 1.0978; (R1) 1.1020; More

Intraday bias in EUR/USD is turned neutral with 4 hour MACD crossed below signal line. Another rise is mildly in favor as long as 1.0833 minor support holds. Corrective pattern from 1.0635 is in its third leg. Above 1.1019 will target 1.1147 resistance. But upside should be limited by 61.8% retracement of 1.1496 to 1.0635 at 1.1167. On the downside, break of 1.0833 will turn bias back to the downside for 1.0727 support and then 1.0635 low.

In the bigger picture, as long as 1.1496 resistance holds, whole down trend from 1.2555 (2018 high) should still be in progress. Next target is 1.0339 (2017 low). However, sustained break of 1.1496 will argue that such down trend has completed. Rise from 1.0635 could then be seen as the third leg of the pattern from 1.0339. In this case, outlook will be turned bullish for retesting 1.2555.

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