EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0959; (P) 1.0986; (R1) 1.1009; More…

Intraday bias in EUR/USD remains on the downside as fall form 1.1239 is in progress. Corrective rebound from 1.0879 should have completed already. Deeper fall should be seen to retest 1.0879 low. On the upside, above 1.1013 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.1095 resistance to bring another fall.

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.