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EUR/USD Mid-Day Outlook

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Daily Pivots: (S1) 1.1815; (P) 1.1845; (R1) 1.1875;

Intraday bias in EUR/USD remains neutral as range trading continues. Further rise is mildly in favor with 1.1754 support intact. On the upside, break of 1.2011 will resume whole rise form 1.0635. Nevertheless, on the downside, firm break of 1.1754 will turn bias to the downside for 38.2% retracement of 1.0635 to 1.2011 at 1.1485, to correct the rise from 1.6035.

EUR/USD Mid-Day Outlook

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1422 resistance turned support holds.

EUR/USD Mid-Day Outlook

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The bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1209.
What i saw monthly timeframe we are at a high and starting to show sign of rejection of the weekly level. On the weekly timeframe we are holding above the moving averages but showing signs of potential reversal. On the daily timeframe we are seeing the formation of a rectangle pattern which is a continuational pattern.

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