EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2302; (P) 1.2323 (R1) 1.2357; More….

EUR/USD rebounds above 1.2268 minor support today. While intraday bias remains neutral, focus is back on 1.2445. Break there will turn bias back to the upside for 1.2555 high. Decisive break there will carry larger bullish implication. But again, break of 1.2268 will argue that fall from 1.2555 is likely resuming. And intraday bias will be turned back to the downside for 1.2154 support and below.

In the bigger picture, key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 remains intact despite attempts to break. Hence, rise from 1.0339 medium term bottom is still seen as a corrective move for the moment. Rejection from 1.2516 will maintain long term bearish outlook and keep the case for retesting 1.0039 alive. Firm break of 1.1553 support will add more medium term bearishness. However, sustained break of 1.2516 will carry larger bullish implication and target 61.8% retracement of 1.6039 to 1.0339 at 1.3862.

Featured Analysis

Learn Forex Trading