EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0716; (P) 1.0747 (R1) 1.0769; More…..

EUR/USD’s rally re-accelerates and reaches as high as 1.0811 so far. Intraday bias stays on the upside for 1.0828 resistance and above. Nonetheless, we maintain that rise from 1.0339 is a corrective move. Hence, we’d expect upside to be limited by 100% projection of 1.0339 to 1.0828 from 1.0494 at 1.0983 to completion the correction. On the downside, break of 1.0705 minor support will turn bias to the downside for 1.0494 support first.

In the bigger picture, as long as 1.1298 key resistance holds, whole down trend from 1.6039 (2008 high) is still expected to resume later. Break of 1.0339 low will send EUR/USD through parity to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115.

EUR/USD 4 Hours Chart

EUR/USD Daily Chart

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