EUR / USD Daily Outlook | Forex action

Daily pivots: (S1) 1.0800; (P) 1.0856; (R1) 1.0894; More

The intraday bias in EUR / USD remains slightly down at this point, for the support of 1.0768. A break there will extend the drop from 1.1147 to the new test of 1.0635. On the upside, the breakout of 1.0990 will target a resistance of 1.1147. Overall, price actions from 1.0635 are seen as a consolidation model that could expand further. But the rise should be limited by a 61.8% retracement from 1.1496 to 1.0635 to 1.1167.

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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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