EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1067; (P) 1.1080; (R1) 1.1095; More…

EUR/USD’s break of 1.1097 suggests that pull back from 1.1179 has completed at 1.0981. More importantly, rise from 1.0879 might be resuming. Intraday bias is back on the upside for 1.1179 first. Break will confirm this bullish case. On the downside, break of 1.1066 minor support will turn bias back to the downside for 1.0981 instead.

In the bigger picture, 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.