EUR/USD Daily Outlook

Daily Pivots: (S1) 1.1770; (P) 1.1809; (R1) 1.1887; More…..

EUR/USD’s rally continues today and hits as high as 1.1904 so far. 100% projection of 1.0774 to 1.1422 from 1.1168 at 1.1816 is taken out firmly. Intraday bias stays on the upside for 161.8% projection at 1.2216 next. On the downside, break of 1.1730 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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In the bigger picture, the strong break of 1.1496 resistance now suggests that whole down trend from 1.2555 (2018 high) has completed at 1.0635 already. Rise form 1.0635 should be the third leg of the pattern from 1.0339 (2017 low). Further rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1422 resistance turned support holds.