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EUR/USD Mid-Day Outlook


Every day Pivots: (S1) 0.9816; (P) 0.9906; (R1) 0.9976; Extra… Intraday bias in EUR/USD stays impartial at this level. On the draw back, break of 0.9734 minor assist will recommend rejection by 55 day EMA, and medium time period falling channel. Bias will likely be turned again to the draw back for retesting 0.9534 low after which resume down pattern. Nonetheless, contemplating bullish convergence situation in each day MACD, sustained break of 55 day EMA (now at 1.0019) will increase the possibility of medium time period bottoming at 0.9534. Additional rally ought to then be seen to 38.2% retracement of 1.1494 to 0.9534 at 1.0283. Within the greater image, down pattern from 1.6039 (2008 excessive) continues to be in progress. Subsequent goal is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, break of 1.0197 resistance is required to be the primary signal of medium time period bottoming. In any other case, outlook will keep bearish even with robust rebound.

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