EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1335; (P) 1.1379; (R1) 1.1455; More….

Intraday bias in EUR/USD remains on the upside as this point. Rise from 1.1302 is seen as the third leg of the consolidation pattern from 1.1300. Further rise would be seen to 1.1621 and above. But upside should be limited by 1.1814 to bring down trend resumption eventually. On the downside, break of 1.300 will resume whole down trend from 1.2555 and target 1.1186 fibonacci level next.

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.