Mon, Sep 20, 2021 @ 15:28 GMT

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2129; (P) 1.2154; (R1) 1.2174; More

Intraday bias in EUR/USD is turned neutral with today’s retreat. On the upside, firm break of 1.2188 resistance should confirm completion of the correction from 1.2348, and bring retest on this high. On the downside, break of 1.2022 support will likely resume the correction from 1.2348 through 1.1951.

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. We’d be alerted to topping sign around 1.2516/55. But sustained break there will carry long term bullish implications.

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