Sun, Aug 01, 2021 @ 11:44 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.2111; (P) 1.2145; (R1) 1.2161; More….

A temporary top is in place at 1.2177 and intraday bias is turned neutral for some consolidations first. But outlook will remain cautiously bullish as long as 1.1985 support holds. On the upside, above 1.2177 will target a test on 1.2242/2348 resistance zone. Decisive break there will resume larger up trend for 1.2555 key resistance zone next.

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. Reaction from 1.2555 should reveal underlying long term momentum in the pair.

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