EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1470; (P) 1.1527; (R1) 1.1560; More…..

No change in EUR/USD’s outlook. Corrective recovery from there should have completed at 1.1621. Intraday bias stays on the downside for 1.1431 support. Break of 1.1431 will resume the decline from 1.1814 and target a test on 1.1300 low. On the upside, above 1.1547 minor resistance will delay the bearish case and wold probably extend the consolidation from 1.1431 with another rebound. In that case, intraday bias will be turned neutral first.

In the bigger picture, corrective pattern from 1.1300 could have completed at 1.1814 after hitting 38.2% retracement of 1.2555 to 1.1300 at 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.