EUR / USD Mid-Day Outlook | Forex action

 

 

Daily Pivots: (S1) 1.1627; (P) 1.1654; (R1) 1.1692; Moreā€¦..

EUR / USD rally from 1.1612 continues today but remains below 1.1752. Support turned to resistance. The intraday bias remains neutral and a further decline is still expected. On the downside, the breakout of 1.1612 will extend the decline from the short term high of 1.2011 to a 38.2% retracement of 1.0635 to 1.2011 to 1.1485. However, a firm break of 1.1752 will suggest that the corrective pullback is complete. The intraday bias will be returned to the upside for a new 1.2011 test.

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Overall, the rise from 1.0635 is seen as the third step in the trend from 1.0339 (2017 low). A further rise in the rally should then be seen to regroup resistance at 1.2555 (38.2% retracement from 1.6039 to 1.0339 to 1.2516). This will remain the preferred case as long as the resistance at 1.1422 transformed into support holds.

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