Sun, Nov 28, 2021 @ 09:28 GMT

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1797; (P) 1.1824; (R1) 1.1838; More

EUR/USD’s break of 1.1792 support argues that rebound from 1.1663 has completed at 1.1908, after rejection by 1.1907 key structural resistance. The development also dampened our original bullish view. Intraday bias is back on the downside for retesting 1.1663 support. Break there will extend the whole pattern from 1.2348 towards 1.1602 key support level. On the upside, above 1.1850 minor resistance will turn bias back to the upside for another test on 1.1907/8 resistance.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally remains in favors long as 1.1602 support holds, to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516). However sustained break of 1.1602 will argue that the rise from 1.0635 is over, and turn medium term outlook bearish again. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289 and below.

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