Home Market EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

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Daily Pivots: (S1) 1.0699; (P) 1.0732 (R1) 1.0767; More…

Intraday bias in EUR/USD remains on the upside at this point. Sustained trading above 55 day EMA (now at 1.0757) will target 1.0935 resistance next. On the downside, however, break of 1.641 minor support will turn bias back to the downside for retesting 1.0348 low instead.

In the bigger picture, focus stays on 1.0339 long term support (2017 low). Decisive break there will resume whole down trend from 1.6039 (2008 high). Next target is 61.8% projection of 1.3993 to 1.0339 from 1.2348 at 1.0090. However, firm break of 1.0805 support turned resistance will delay this bearish case and bring medium term corrective rebound first.

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