EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0992; (P) 1.1010; (R1) 1.1027; More…

A temporary low is formed at 1.0992 in EUR/USD, ahead of 1.0981 support. Intraday bias is turned neutral for some consolidations first. Upside should be limited by 1.1085 support turned resistance. On the downside, decisive break of 1.0981 support should confirm completion of corrective rise from 1.0879 at 1.1239. Further fall should then be seen to retest 1.0879 low.

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.