EUR/USD Daily Outlook

Daily Pivots: (S1) 0.9770; (P) 0.9808; (R1) 0.9862; More

Intraday bias in EUR/USD remains neutral first. On the upside, firm break of 0.9863 support turned resistance will bring stronger rise to 55 day EMA (now at 1.0033). Considering bullish convergence condition in Daily MACD, sustained break there will raise the chance of medium term bottoming at 0.9534. On the downside, though, break of 0.9734 minor support will bring retest of 0.9534 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, break of 1.0197 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish even with strong rebound.

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