Tue, Aug 09, 2022 @ 13:37 GMT

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0183; (P) 1.0219; (R1) 1.0282; More

EUR/USD is still bounded in range and intraday bias remains neutral first. With 1.0095 minor support intact, further rise is still mildly in favor. Rebound from 0.9951 will target 1.0348 support turned resistance. Break there will target channel resistance at 1.0432. 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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