EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1854; (P) 1.1874; (R1) 1.1912; More…..

EUR/USD’s breach of 1.1920 suggests that rebound from 1.1602 is resuming. Intraday bias is back on the upside for retesting 1.2011 high. Decisive break there will resume whole rally from 1.0635 low. On the downside, though, break of 1.1800 support will turn bias to the downside, to extend the consolidation pattern from 1.2011 with another falling leg.

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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.