EUR / USD Daily Outlook | Forex action

Daily pivots: (S1) 1.0957; (P) 1.1005; (R1) 1.1084; More

The intraday EUR / USD bias remains cautiously down at this point. The rebound from 1.0635 could already have ended at 1.1147. A deeper fall is slightly in favor of the new test of 1.0635. On the upside, however, a decisive break of the 61.8% retracement from 1.1496 to 1.0635 to 1.1167 will increase the chances of a more significant trend reversal and focus on the key resistance of 1.1496. .

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Overall, as long as the resistance at 1.1496 continues, the total downward trend from 1.2555 (2018 high) should still be underway. The next target is 1.0339 (2017 low). However, a sustained break out of 1.1496 will mean that this downward trend is over. The rise from 1.0635 could then be considered as the third step of the model from 1.0339. In this case, the outlook will turn bullish to retest 1.2555.


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