EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1211; (P) 1.1230; (R1) 1.1257; More

Immediate focus is now on 1.1273 fibonacci level in EUR/USD. As upside momentum is diminishing as seen in 4H MACD, upside could be limited by 1.1273. Break of 1.1202 minor support will indicate short term topping, and turn bias back to the downside for deeper pull back. Nevertheless, sustained break of 1.1273 will extend larger up trend to 161.8% projection of 1.0634 to 1.1011 from 1.0832 at 1.1442 next.

In the bigger picture, as rise from 0.9534 extends, focus is now on 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. Sustained break there will solidify the case of bullish trend reversal and target 1.2348 resistance next. Meanwhile, outlook will continue to stay bullish as long as 1.0832 support holds, even in case of deep pull back.

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