Sat, Jan 16, 2021 @ 18:53 GMT
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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2065; (P) 1.2092; (R1) 1.2143; More…..

EUR/USD surges to as high as 1.2165 so far and intraday bias stays on the upside so far. Current rise should target 61.8% projection of 1.0635 to 1.2011 from 1.1602 at 1.2452 next. On the downside, break of 1.2087 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.

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 1.1602 support holds.

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