EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1810; (P) 1.1838; (R1) 1.1888; More…..

Intraday bias in EUR/USD stays neutral as consolidation from 1.1880 is extending. Further rise remains in favor though with 1.1688 support intact. Break of 1.1880 will target a test on 1.2011 high. On the downside, though, break of 1.1688 will likely extend the corrective pattern from 1.2011 with another leg. Intraday bias will be turned back the downside for 1.1612 and below.

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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 could 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.