EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1011; (P) 1.1018; (R1) 1.1030; More…

Intraday bias in EUR/USD stays on the downside for the moment. Break of 1.0989 support will affirm the case that corrective rise from 1.0879 has completed at 1.1175. Deeper fall should then be seen to retest 1.0879 low. On the upside, above 1.1025 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.1097 resistance holds, in case of recovery.

In the bigger picture, at this point, rebound from 1.0879 is seen as a corrective move first. in case of another rise, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, down trend from 1.2555 (2018 high) would resume at a later stage. However, sustained break of 1.1519 will dampen this bearish view and bring stronger rise to 61.8% retracement at 1.1915 next.