EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1070; (P) 1.1106; (R1) 1.1127; More…

Focus remains on 1.1085 support in EUR/USD. Sustained break will complete a head and shoulder top (ls: 1.1199, h: 1.1239, rs: 1.1172). That will also argue that whole corrective rise from 1.0879 has completed. In this case, intraday bias will be turned to the downside for 1.0981 support for confirmation. On the upside, above 1.1172 will turn bias to the upside for 1.1239 instead.

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.