EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1823; (P) 1.1847; (R1) 1.1866; More…..

EUR/USD is staying in range above 1.1737 support despite today’s decline. Intraday bias remains neutral first. On the downside, below 1.1737 will reaffirm the bearish case that’s fall from 1.2011 is correcting whole rise from 1.0635. Intraday bias will be turned to the downside for 38.2% retracement of 1.0635 to 1.2011 at 1.1485. On the upside, though, break of 1.1917 will revive near term bullishness and bring retest of 1.2011 resistance first.

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In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally 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.