Home Trading EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

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Daily Pivots: (S1) 1.0161; (P) 1.0192; (R1) 1.0224; Moreā€¦

EUR/USD recovers mildly today but stays in established range. Intraday bias remains neutral first. On the downside, break of 1.0095 minor support will argue that larger down trend is ready to resume. Intraday bias will be back to the downside for retesting 0.9951 low first. For now, outlook will stay bearish as long as 1.0348 support turned resistance holds, even in case of another rise.

In the bigger picture, down trend from 1.6039 (2008 high) is still in progress. Next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, outlook will stay bearish as long as 1.0773 resistance holds, in case of strong rebound.

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