EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1180; (P) 1.1219; (R1) 1.1271; More

Intraday bias in EUR/USD is turned neutral with 4 hour MACD crossed below signal line. Further rise will remain mildly in favor as long as 1.1115 support holds. Break of 1.1257 will target a test on 1.1496 key resistance next. Firm break there will carry larger bullish implications. On the downside, through, break of 1.1115 minor support will revive the case that price actions from 1.0635 are merely a corrective pattern. Intraday bias will be turned back to the downside for 1.1008 support.

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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