EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1081; (P) 1.1092; (R1) 1.1106; More…

EUR/USD failed to sustain below 1.1085 support and recovered. Intraday bias remains neutral for the moment. Further fall is mildly in favor as long as 1.1172 resistance holds. Break of 1.1076 will resume the fall from 1.1239 to 1.0981 support. Decisive break there will confirm that whole corrective rise from 1.0879 has completed. 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.