EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0220; (P) 1.0247; (R1) 1.0289; More

Intraday bias in EUR/USD is back on the upside as rebound from 0.9951 is now trying to resume. Further rise should be seen to 1.0348 resistance first. Break there will target channel resistance at 1.0452. On the downside, break of 1.0095 minor support will turn bias back to the downside, and bring retest of 0.9951 low instead.

In the bigger picture, down trend from 1.6039 (2008 high) is still in progress. Next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, outlook will stay bearish as long as 1.0773 resistance holds, in case of strong rebound.

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