EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0131; (P) 1.0163; (R1) 1.0203; More

EUR/USD recovers mildly today, but intraday bias stays on the downside at this point. Rebound from 0.9951 should have completed at 1.0368 after rejection by 55 day EMA, as well as falling channel resistance. Deeper fall would be seen to retest 0.9951 low. Firm break there will resume larger down trend. For now, risk will stay on the downside as long as 1.0368 resistance holds, in case of recovery.

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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