Thu, Jun 08, 2023 @ 09:27 GMT

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0509; (P) 1.0547 (R1) 1.0569; More

EUR/USD is staying in consolidation above 1.0470 temporary low and intraday bias remains neutral. Further decline is in favor as long as 1.0641 minor resistance holds. Break of 1.0470 will resume larger down trend to 161.8% projection of 1.1494 to 1.0805 from 1.1184 at 1.0069. On the upside, break of 1.0641 will turn bias to bring stronger rebound instead.

In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1185 support turned resistance holds. The break of 1.0635 (2020 low) now raises the chance that it’s resuming long term down trend from 1.6039 (2008 high). Retest of 1.0339 (2017 low) low should be seen next. Decisive break there will confirm this bearish case.

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