EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1137; (P) 1.1198; (R1) 1.1233; More…

Despite the steep decline, EUR/USD is staying above 1.1066 support. Intraday bias remains neutral and further rise is expected. On the upside, above 1.1239 will extend whole rally from 1.0879 to 100% projection of 1.0879 to 1.1179 from 1.0981 at 1.1281 next. However, break of 1.1066 will suggest near term reversal and turn bias to the downside for 1.0981 support.

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.