EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0874; (P) 1.0932 (R1) 1.0963; More

EUR/USD’s break of 1.0943 support suggests that corrective rebound from 1.0805 has completed at 1.1184 already. Intraday bias is back on the downside for 1.0805 low. Firm break there will resume larger down trend from 1.2248. Next target is 61.8% projection of 1.1494 to 1.0805 from 1.1184 at 1.0758, and then 100% projection at 1.0495. On the upside, above 1.0987 minor resistance will mix up the outlook and turn intraday bias neutral again.

In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1494 resistance holds. Firm break of 1.0635 (2020 low) will raise the chance of long term down trend resumption and target a retest on 1.0339 (2017 low) next. Nevertheless, break of 1.1494 will maintain medium term neutral outlook, and extending term range trading first.

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