EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1505; (P) 1.1590 (R1) 1.1638; More…..

Intraday bias in EUR/USD is turned neutral as it just recovered ahead of 1.1507 low. More consolidations could be seen but upside of recovery should be limited by 1.1851 resistance. On the downside, firm break of 1.1507 will resume whole fall from 1.2555 through 50% retracement of 1.0339 to 1.2555 at 1.1447 to 61.8% retracement at 1.1186.

In the bigger picture, current development suggests that EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. And, a medium term top was formed at 1.2555 already. Decline from there should extend further to 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and below. For now, even in case of rebound, we won’t consider the fall from 1.2555 as finished as long as 1.1995 resistance holds.