EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1254; (P) 1.1294; (R1) 1.1360;

Intraday bias in EUR/USD is turned neutral again and the recovery lost momentum well below 1.1422 resistance. On the upside, break of 1.1422 will resume whole rebound from 1.0635 and target 1.1495 key resistance next. On the downside, break of 1.1212 will resume the fall from 1.1422 to 38.2% retracement of 1.0635 to 1.1422 at 1.1121.

In the bigger picture, as long as 1.1496 resistance holds, whole down trend from 1.2555 (2018 high) should still be in progress. Next target is 1.0339 (2017 low). However, sustained break of 1.1496 will argue that such down trend has completed. Rise from 1.0635 could then be seen as the third leg of the pattern from 1.0339. In this case, outlook will be turned bullish for retesting 1.2555.