EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1085; (P) 1.1097; (R1) 1.1115; More…

EUR/USD’s break of 1.1066 minor support suggests that recovery from 1.0981 has completed at 1.1116. Intraday bias is turned back to the downside for 1.0981 first. Break will resume the fall from 1.1179 and target a test on 1.0879 low. On the upside, above 1.1116 will target 1.1179 resistance 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.