EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1837; (P) 1.1879; (R1) 1.1946;

EUR/USD is still staying below 1.1965 resistance despite today’s rebound. Intraday bias remains neutral first. Further rise is in favor with 1.1711 support intact. Firm break of 1.1965 will resume larger rise from 1.0635. On the downside, though, break of 1.1711 support should confirm short term topping and turn bias back to the downside for correction.

In the bigger picture, down trend from 1.2555 (2018 high) has completed at 1.0635 already. 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.