EUR / USD Daily Outlook | Forex Action

Daily pivots: (S1) 1.1070; (P) 1.1108; (R1) 1.1145; More

The intraday bias in EUR / USD remains on the rise for a further increase. Price actions from 1.0635 are considered a corrective model. The rise should be limited by a 61.8% retracement from 1.1496 to 1.0635 to 1.1167. On the downside, below 1.1008, the resistance has turned into support, will transform the intraday bias downwards for the support of 1.0870. However, a sustained breakout of 1.1167 will pave the way for the next 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. A rise from 1.0635 could then be considered as the third step of the model from 1.0339. In this case, the outlook will be bullish to retest 1.2555.


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