EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1356; (P) 1.1416; (R1) 1.1454; More….

EUR/USD recovers after hitting 1.1378 but quickly lost steam. Intraday bias stays on the downside at this point. Current fall from 1.1814 should extend to retest 1.1300 low. Decisive break there will resume whole down trend from 1.2555. On the upside, above 1.1432 minor resistance will turn intraday bias neutral first. But outlook will remain cautiously bearish as long as 1.1621 resistance holds.

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.