EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1196; (P) 1.1213; (R1) 1.1226; More…

Intraday bias in EUR/USD remains neutral with today’s recovery. Further fall is expected as long as 1.1373 minor resistance holds. Break of 1.1185 will resume the down trend from 1.2348 to 161.8% projection of 1.1908 to 1.1523 from 1.1691 at 1.1068 next. However, firm break of 1.1373 will indicate short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, there are various ways of interpreting the fall from 1.2348 (2021 high). It could be a correction to rise from 1.0635 (2020 low), the fourth leg of a sideway pattern from 1.0339 (2017 low), or resuming long term down trend. In any case, outlook will now stay bearish as long as 1.1703 support turned resistance holds. Sustained break of 61.8% retracement of 1.0635 to 1.2348 at 1.1289 would pave the way back to 1.0635.

November 27, 2021 at 02:20AM
ActionForex.com
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