EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1057; (P) 1.1086; (R1) 1.1106; More…

With 1.1066 minor support intact, further rise is still in favor in EUR/USD. Corrective decline form 1.1179 could have completed at 1.0981. Rise from there would target a test on 1.1179 first. Break will resume whole rally form 1.0879. However, break of 1.1066 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.