EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1486; (P) 1.1518; (R1) 1.1551; More…..

Intraday bias in EUR/USD remains neutral for consolidation above 1.1463 temporary low. Stronger recovery could be seen. But upside should be limited below 1.1623 minor resistance to bring fall resumption. As noted before, rebound from 1.1300 has completed at 1.1814 already. Below 1.1463 will bring retest of 1.1300 low.

In the bigger picture, corrective pattern from 1.1300 could have completed at 1.1814 after hitting 38.2% retracement of 1.2555 to 1.1300at 1.1779. Decisive break of 1.1300 will resume the down trend from 1.2555 to 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 will delay the bearish case and extend the correction from 1.1300 with another rise before completion.