EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1077; (P) 1.1088; (R1) 1.1105; More…

EUR/USD’s fall extends lower today and breaks 1.1066 support. Intraday bias is back on the downside for 1.0981 support next. Decisive break there will confirm that whole corrective rise from 1.0879 has completed. On the upside, break of 1.1108 will dampen the bearish case and turn bias neutral first.

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.