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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1924; (P) 1.1944; (R1) 1.1979; More…..

Intraday bias in EUR/USD stays on the upside for 1.2011 high first. Decisive break there will resume whole rally from 1.0635 low. Next target is 61.8% projection of 1.0635 to 1.2011 from 1.1602 at 1.2452. On the downside, below 1.1914 minor support will turn intraday bias neutral first. Further break of 1.1800 support will turn bias to the downside, to extend the consolidation pattern from 1.2011 with another falling leg.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally could 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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