EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1175; (P) 1.1198; (R1) 1.1223; More…

EUR/USD’s rally is still in progress and intraday bias stays on the upside. Rise from 1.0879 should target 100% projection of 1.0879 to 1.1179 from 1.0981 at 1.1281 next. In any case, near term outlook will remain cautiously bullish as long as 1.1066 support holds, in case of retreat.

In the bigger picture, rebound from 1.0879 is seen as a corrective move at this point. 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.