Fri, Jan 22, 2021 @ 05:32 GMT
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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1735; (P) 1.1771; (R1) 1.1827; More…..

Intraday bias in EUR/USD stays on the upside with focus on 100% projection of 1.0774 to 1.1422 from 1.1168 at 1.1816. Sustained break there will pave the way to 161.8% projection at 1.2216 next. On the downside, break of 1.1698 minor support would suggests short term topping. Intraday bias will be turned back to the downside for 4 hour 55 EMA (now at 1.1629) and below.

In the bigger picture, the strong break of 1.1496 resistance now suggests that whole down trend from 1.2555 (2018 high) has completed at 1.0635 already. Rise form 1.0635 should be the third leg of the pattern from 1.0339 (2017 low). Further rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1168 support holds.

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