EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1713; (P) 1.1792; (R1) 1.1853; More…..

Intraday bias in EUR/USD is mildly on the downside as the fall from 1.2011 is resuming. Such decline is correcting whole rise from 1.0635. Deeper fall would be seen to 38.2% retracement of 1.0635 to 1.2011 at 1.1485. On the upside, though, break of 1.1871 resistance 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.