EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1043; (P) 1.1069; (R1) 1.1121; More…

With 1.1056 minor support intact, further rise is in favor in EUR/USD. Pull back from 1.1239 could have completed with three waves down to 1.0992. Corrective rise from 1.0879 is probably not over. Further rise should be seen to 1.1172 resistance and then 1.1239. On the downside, below 1.1056 minor support will turn bias back to the downside for 1.0992 support 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.