EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1517; (P) 1.1567; (R1) 1.1605; More…

EUR/USD’s break of 1.1523 suggests resumption of fall from 1.2265, and that from 1.2348 too. Intraday bias is back on the downside for 61.8% projection of 1.1908 to 1.1523 from 1.1691 at 1.1453. Break will pave the way to 100% projection at 1.1306. On the upside, though, above 1.1615 minor resistance will delay the bearish case and turn bias neutral first.

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.

November 06, 2021 at 12:59AM
ActionForex.com
https://ift.tt/2ZVoqmO