EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0979; (P) 1.1014; (R1) 1.1033; More…

Intraday bias in EUR/USD remains on the downside with focus on 1.0992 support. Decisive break there will resume the whole decline from 1.1239. Also, that would add to the case that corrective rebound from 1.0879 has completed at 1.1239. In this case, deeper decline would be seen back to retest 1.0879 low. On the upside, above 1.1033 minor resistance will turn intraday 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.