EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1783; (P) 1.1797; (R1) 1.1810; More…

Intraday bias in EUR/USD stays on the upside at this point. Rebound from 1.1663 short term bottom is on track to 1.1907 resistance. Decisive break there will indicate that fall from 1.2265, as well as the consolidation pattern from 1.2348, have completed. Near term outlook will be turned bullish for 1.2265/2348 resistance. On the downside, break of 1.1782 minor support will mix up the near term outlook and turn intraday bias neutral first.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally remains in favors long as 1.1602 support holds, to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516). However sustained break of 1.1602 will argue that the rise from 1.0635 is over, and turn medium term outlook bearish again. Deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289 and below.

September 01, 2021 at 12:56AM
ActionForex.com
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