EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.3255; (P) 1.3275 (R1) 1.3299; More....

With 1.3165 minor support intact, further rally is still mildly in favor in EUR/USD. But again, we'd expect strong resistance below 1.3416 to limit upside and bring reversal. Meanwhile, below 1.3165 minor support will turn bias back to the downside for retesting 1.2755. Overall, we'd still expect fall from 1.3710 to resume later for another low below 1.2746.

In the bigger picture, overall, price actions from 1.6039 is viewed as a corrective pattern which is still in progress. Current development argues that fall from 1.3710 is extending the correction lower. Break of 1.2042 would likely pave the way to 1.1209 long term fibonacci level next. Though, sustained break of 1.3416 will likely bring another rise through 1.3710 to extend the whole rally from 1.2042.

IMOH, Clement I.
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