Daily Pivots: (S1) 1.1705; (P) 1.1757; (R1) 1.1791; More…..

Intraday bias in EUR/USD stays neutral and outlook is unchanged. As long as 1.1695 support holds, further rise could still be seen. On the upside, break of 1.1916 will target will extend larger rally from 1.0635 to 161.8% projection of 1.0774 to 1.1422 from 1.1255 at 1.2303. However, firm break of 1.1695 should confirm short term topping. Intraday bias will be turned back to the downside to wards 1.1422 resistance turned support.

In the bigger picture, down trend from 1.2555 (2018 high) has completed at 1.0635 already. Rise form 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.

Daily Pivots: (S1) 1.0548; (P) 1.0583; (R1) 1.0607; More…

Intraday bias in EUR/USD remains neutral as consolidation from 1.0487 is extending. Stronger recovery cannot be ruled out. But near term outlook will stay bearish as long as 1.0764 support turned resistance holds. Break of 1.0487 will resume the fall from 1.1274 to 1.0199 fibonacci level.

In the bigger picture, fall from 1.1274 medium term top could still be a correction to rise from 0.9534 (2022 low). But chance of a complete trend reversal is rising. In either case, current fall should target 61.8% retracement of 0.9534 to 1.1274 at 1.0199 next. For now, risk will stay on the downside as long as 55 D EMA (now at 1.0786) holds, in case of rebound.

EUR/USD rose to as high as 1.1347 last week as rebound from 1.1107 accelerated. Initial bias stays on the upside this week for 1.1448 key resistance. Decisive break there will carry larger bullish implications. On the downside, break of 1.1251 minor support, however, will turn bias back to the downside for retesting 1.1107 low.

In the bigger picture, current development argues that a medium term bottom could be in place at 1.1107, on bullish convergence condition in daily MACD. Decisive break of 1.1448 resistance would confirm this case. And stronger rebound would be seen to 38.2% retracement of 1.2555 to 1.1107 at 1.1660. At this point, it’s early to judge whether rise from 1.1107 is a corrective move or the start of an medium term up trend. We’d look at the structure of the rebound to decide later. But in any case, for now, risk will remain on the upside as long as 1.1107 low holds.

In the long term picture, the rejection from 38.2% retracement of 1.6039 to 1.0339 at 1.2516 argues that long term down trend from 1.6039 (2008 high) might not be over yet. EUR/USD is also held below decade long trend line resistance, 55 month and 55 week EMA. Break of 1.0339 will resume the down trend to 100% projection of 1.3993 to 1.0339 from 1.2555 at 0.9501

Daily Pivots: (S1) 1.0752; (P) 1.0820; (R1) 1.0947; More…

Intraday bias in EUR/USD stays on the upside at this point. Further rally should be seen to 61.8% retracement of 1.1274 to 1.0447 at 1.0958 next. On the downside, below 1.0824 minor support will turn intraday bias neutral and bring retreat first. But downside should be contained well above 1.0655 support to bring another rally.

In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is tentatively seen as the second leg. Hence while further rally could be seen, upside should be limited by 1.1274 to bring the third leg of the pattern. However, break of 1.0447 will resume the fall to 61.8% retracement of 0.9543 to 1.1274 at 1.0199.

Daily Pivots: (S1) 1.0922; (P) 1.0951; (R1) 1.0978; More…

Intraday bias in EUR/USD stays neutral for the moment, and outlook is unchanged. On the downside break of 1.0876 will resume the fall from 1.1138 short term top to 1.0722 support next. However, break of 1.0997 will turn bias back to the upside for retesting 1.1138 high instead.

In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is seen as the second leg. While further rally could cannot be ruled out, upside should be limited by 1.1274 to bring the third leg of the pattern. Meanwhile, sustained break of 1.0722 support will argue that the third leg has already started for 1.0447 and below.

Daily Pivots: (S1) 1.2173; (P) 1.2207 (R1) 1.2227; More….

EUR/USD’s break of 1.2205 key support is taken as a tentative sign of trend reversal, after being rejected by 1.2516 key fibonacci level. Intraday bias is now on the downside. Sustained trading below 1.2205 will confirm and target 38.2% retracement of 1.0339 to 1.2555 at 1.1708. On the upside, above 1.2354 minor resistance will dampen this bearish case and bring retest of 1.2555 high instead.

In the bigger picture, key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 remains intact despite attempts to break. Hence, rise from 1.0339 medium term bottom is still seen as a corrective move for the moment. Rejection from 1.2516 will maintain long term bearish outlook and keep the case for retesting 1.0039 alive. Firm break of 1.5553 support will add more medium term bearishness. However, sustained break of 1.2516 will carry larger bullish implication and target 61.8% retracement of 1.6039 to 1.0339 at 1.3862.

EUR/USD’s decline extended to as low as 1.1463 last week. As a temporary low formed, initial bias is neutral this week first. The break of 1.1525 indicates completion of rebound from 1.1300 to 1.1814, Thus, upside of recovery from 1.1463 should be limited below 1.1623 minor resistance to bring fall resumption. On the downside, below 1.1463 will target a test on 1.1300 low.

In the bigger picture, corrective pattern from 1.1300 could have completed at 1.1814 after hitting 38.2% retracement of 1.2555 to 1.1300at 1.1779. Decisive break of 1.1300 will resume the down trend from 1.2555 to 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 will delay the bearish case and extend the correction from 1.1300 with another rise before completion.

In the long term picture, the rejection from 38.2% retracement of 1.6039 to 1.0339 at 1.2516 argues that long term down trend from 1.6039 (2008 high) might not be over yet. EUR/USD is also held below decade long trend line resistance. Firm break of 61.8% retracement of 1.0339 to 1.2555 at 1.1186 should at least bring a retest on 1.0339 low.

Daily Pivots: (S1) 1.0818; (P) 1.0845; (R1) 1.0872; More…

Immediately focus is now on 1.0929 resistance in EUR/USD. Break there will resume the rally from 1.0515 to retest 1.1032 high. Decisive break there will resume larger up trend from 0.9534 to 1.1273 fibonacci level next. On the downside, though, break of 1.0711 will turn bias to the downside to extend the corrective pattern from 1.1032 with another decline.

In the bigger picture, rise from 0.9534 (2022 low) is in progress with 38.2% retracement of 0.9534 to 1.1032 at 1.0460 intact. The strong support from 55 week EMA (now at 1.0623) was also a medium term bullish sign. Next target is 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273. Sustained break there will solidity the case of bullish trend reversal and target 1.2348 resistance next (2021 high).

Daily Pivots: (S1) 1.0717; (P) 1.0764 (R1) 1.0845; More…..

Intraday bias in EUR/USD remains mildly on the upside for the moment. The choppy rise from 1.0339 is still in progress and could target 1.0872 resistance. At this point, we’re still viewing choppy rise from 1.0339 as a corrective move. Thus, upside should be limited by 1.0872 resistance and bring reversal. On the downside, break of 1.0619 will indicate that such rise is completed and turn bias to the downside for retesting 1.0339 low.

In the bigger picture, whole down trend from 1.6039 (2008 high) is in progress. Such down trend is expected to extend to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115. On the upside, break of 1.1298 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

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Daily Pivots: (S1) 1.1827; (P) 1.1854; (R1) 1.1886; More…..

A temporary top is formed at 1.1880 in EUR/USD with today’s retreat and intraday bias is turned neutral first. Further rise is expected as long as 1.1688 support holds. Break of 1.1880 will target a test on 1.2011 high. Nevertheless, break of 1.1688 will likely resume the correction from 1.2011, and turn bias to the downside for 1.1612 and below.

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.

Daily Pivots: (S1) 1.0716; (P) 1.0747 (R1) 1.0769; More…..

EUR/USD’s rally re-accelerates and reaches as high as 1.0811 so far. Intraday bias stays on the upside for 1.0828 resistance and above. Nonetheless, we maintain that rise from 1.0339 is a corrective move. Hence, we’d expect upside to be limited by 100% projection of 1.0339 to 1.0828 from 1.0494 at 1.0983 to completion the correction. On the downside, break of 1.0705 minor support will turn bias to the downside for 1.0494 support first.

In the bigger picture, as long as 1.1298 key resistance holds, whole down trend from 1.6039 (2008 high) is still expected to resume later. Break of 1.0339 low will send EUR/USD through parity to 61.8% projection of 1.3993 to 1.0461 from 1.1298 at 0.9115.

Daily Pivots: (S1) 1.0136; (P) 1.0207 (R1) 1.0251; More…

EUR/USD’s fall is still in progress and intraday stays on the downside. Current down trend should target 1.0090 long term projection level. Break there will target 100% projection of 1.1184 to 1.0348 from 1.0773 at 0.9937, which is close to parity. On the upside, above 1.0276 minor resistance will turn intraday bias neutral and bring consolidations first. But recovery should be limited below 1.0614 resistance to bring another fall.

In the bigger picture, the break of 1.0339 long term support (2017 low) indicates resumption of whole down trend from 1.6039 (2008 high). Next target is 61.8% projection of 1.3993 to 1.0339 from 1.2348 at 1.0090. Sustained break there will pave the way to 100% projection at 0.8694. In any case, outlook will stay bearish as long as 1.0786 resistance holds, in case of recovery.

Daily Pivots: (S1) 1.1763; (P) 1.1811 (R1) 1.1839; More…

A temporary top is in place at 1.1860 in EUR/USD and intraday bias is turned neutral first. Outlook is unchanged that correction from 1.2091 has completed at 1.1553 already. Further rise is expected. Above 1.1860 will target 1.2091 high. However, break of 1.1677 support will turn focus back to 1.1553 low instead.

In the bigger picture, rise from 1.0339 medium term bottom is seen as a corrective move for the moment. Therefore, in case of another rally, we’d be cautious on 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 to limit upside and bring reversal. Meanwhile, sustained trading below 55 week EMA (now at 1.1346) will suggest that such medium term rebound is completed and could then bring retest of 1.0339 low.

Daily Pivots: (S1) 1.0992; (P) 1.1010; (R1) 1.1027; More…

Downside momentum in EUR/USD is a bit unconvincing for the moment, as seen in 4 hour MACD. But further decline is still expected as long as 1.1085 support turned resistance holds. Decisive break of 1.0981 support should confirm completion of corrective rise from 1.0879 at 1.1239. Further fall should then be seen to retest 1.0879 low.

In the bigger picture, rebound from 1.0879 is seen as a corrective move at this point. In case of another rise, upside should be limited by 38.2% retracement of 1.2555 to 1.0879 at 1.1519. And, down trend from 1.2555 (2018 high) would resume at a later stage. However, sustained break of 1.1519 will dampen this bearish view and bring stronger rise to 61.8% retracement at 1.1915 next.

Daily Pivots: (S1) 1.2161; (P) 1.2189; (R1) 1.2208; More…

Intraday bias in EUR/USD remains neutral at this point. On the upside, above 1.2265 will resume the rise from 1.1703 to retest 1.2348 high. On the downside, below 1.2103 will target 1.1985 support. Break there will confirm that consolidation pattern from 1.2348 has started the third leg. Deeper fall would then be seen back to 1.1703 support.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally could 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 1.1602 support holds. Reaction from 1.2555 should reveal underlying long term momentum in the pair.

Daily Pivots: (S1) 1.0806; (P) 1.0873; (R1) 1.0910; More…

Break of 1.0854 minor support argues that rebound from 1.0764 has completed at 1.0944. Intraday bias is back on the downside for retesting 1.0764 low first. Firm break there will resume whole decline from 1.1274 to 1.0609/34 cluster support next. On the upside, however, break of 1.0944 resistance will argue that the corrective fall from 1.1274 has completed with three waves down to 1.0764. Further rally would then be seen to 1.1064 resistance for confirmation.

In the bigger picture, fall from 1.1274 medium term top is seen as a correction to up trend from 0.9534 (2022 low). Deeper decline would be seen to 1.0634 cluster support (38.2% retracement of 0.9534 to 1.1274 at 1.0609). Strong support could be seen there, at least on first attempt, to bring rebound. Yet, medium term outlook will be neutral for now, as long as 1.1274 resistance holds.

Daily Pivots: (S1) 1.1361; (P) 1.1394; (R1) 1.1429; More…..

EUR/USD strengthens further today but it’s still limited below 1.1472 resistance. Intraday bias remains neutral and another fall is in favor. On the downside, break of 1.1267 will target 1.1215 low first. Firm break there will resume larger down trend from 1.2555 for 1.1186 fibonacci level next. However, considering bullish convergence condition in daily MACD, firm break of 1.1472 will be suggest medium term bottoming and turn outlook bullish for 1.1814 resistance instead.

In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.

Daily Pivots: (S1) 1.1371; (P) 1.1403 (R1) 1.1440; More…..

Intraday bias in EUR/USD remains neutral for consolidation above 1.1364 temporary low. Stronger recovery cannot be ruled out. But upside should be limited by 1.1529 support turned resistance to bring another fall. On the downside, below 1.1364 will resume larger decline to 61.8% projection of 1.2413 to 1.1509 from 1.1745 at 1.1186. Note that it’s a cluster level with 61.8% retracement of 1.0339 to 1.2555 at 1.1186. Hence, we’ll tentatively look for short term bottoming around 1.1186.

In the bigger picture, the down trend from 1.2555 medium term is in progress for 61.8% retracement of 1.0339 to 1.2555 at 1.1186. Note again that EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. That carries some long term bearish implications. Sustained break of 1.1186 could pave the way back to retest 1.0339 low. For now, outlook will remain bearish as long as 1.1851 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.1582; (P) 1.1709 (R1) 1.1779; More…

EUR/USD reaches as low as 1.1587 so far and intraday bias remains on the downside. Fall from 1.2091 should target 38.2% retracement of 1.0569 to 1.2091 at 1.1510 next. At this point, such decline is still viewed as a correction. Hence, we’d expect strong support from 1.1510 to bring rebound, at least during first attempt. However, firm break there will bring deeper decline to 61.8% retracement at 1.1150. On the upside, above 1.1643 minor resistance will turn intraday bias neutral first. But near term outlook will remain bearish as long as 1.1879 resistance holds.

In the bigger picture, rise from medium term bottom at 1.0339 is not finished yet. It’s expected to continue after pull back from 1.2091 completes. And, next target will be 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. However, it should be noted that there is no confirmation of trend reversal yet. That is, such rebound from 1.0399 could be a correction. And the long term fall from 1.6039 (2008 high) could resume. Hence, we’d be cautious on strong resistance from 1.2516 to limit upside.

Daily Pivots: (S1) 1.2332; (P) 1.2372 (R1) 1.2410; More….

Intraday bias in EUR/USD remains neutral for the moment. On the upside, above 1.2413 will extend the rebound from 1.2214 to 1.2475 resistance. Break will target 1.2516/2555 key resistance zone. On the downside, however, break of 1.2214 will revive the case of trend reversal and turn outlook bearish.

In the bigger picture, key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 remains intact despite attempts to break. Hence, rise from 1.0339 medium term bottom is still seen as a corrective move for the moment. Rejection from 1.2516 will maintain long term bearish outlook and keep the case for retesting 1.0039 alive. Firm break of 1.1553 support will add more medium term bearishness. However, sustained break of 1.2516 will carry larger bullish implication and target 61.8% retracement of 1.6039 to 1.0339 at 1.3862 in medium term.