Sun, Aug 01, 2021 @ 11:20 GMT

EUR/USD Mid-Day Outlook

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

Intraday bias in EUR/USD remains neutral for consolidation below 1.2177 temporary top. Downside should be contained by 1.1985 support to bring another rise. On the upside, break of 1.2177 will resume the rally from 1.1703 for retesting 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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