EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1720; (P) 1.1814; (R1) 1.1867; More…..

Intraday bias in EUR/USD remains neutral first. Considering bearish divergence condition in 4 hour MACD, break of 1.1698 minor support will suggest short term topping. Intraday bias will be turned to the downside for deeper pull back. But downside should be contained above 1.1422 resistance turned support to bring rebound. On the upside, above 1.1908 will resume the whole rise from 1.0635 instead.

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 from 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 1.1422 resistance turned support holds.

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