EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1614; (P) 1.1653; (R1) 1.1724; More…

While EUR/USD retreats sharply today, further rise is still in favor as long as 1.1581 minor support holds. Sustained break of 55 day EMA (now at 1.1690) will be a sign that larger correction from 1.2348 has completed. Stronger rally would be seen to 1.1908 resistance for confirmation. On the downside, though, break of 1.1581 minor support will turn bias back to the downside for 1.1523 low instead.

In the bigger picture, price actions from 1.2348 should at least be a correction to rise from 1.0635 (2020 low). As long as 1.1908 resistance holds, deeper fall would be seen to 61.8% retracement of 1.0635 to 1.2348 at 1.1289. Nevertheless break of 1.1908 resistance will revive medium term bullishness and turn focus back to 1.2348 high.

October 30, 2021 at 01:36AM
ActionForex.com
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