EUR/USD Daily Outlook
Daily Pivots: (S1) 1.3047; (P) 1.3103 (R1) 1.3174; More....Intraday bias in EUR/USD stays neutral for the moment. As long as 1.2954 holds, rebound form 1.2746 is still in favor to continue and above 1.3242 will target 61.8% retracement of 1.3710 to 1.2746 at 1.3342. However, break of 1.2954 will indicate that such rebound has completed and will target a retest on 1.2746. Also, such development will leave rebound from 1.2746 in three wave corrective structure and has some bearish implications.
In the bigger picture, current development mixed up the outlook in EUR/USD with major question on whether rebound from 1.2042 has completed at 1.3710. Note that as long as 1.2661 support holds, such rebound could still extend above 1.3710 to 1.4939/5143 resistance holds. However, break of 1.2661 will confirm completion of such rebound. And more importantly, the corrective three wave structure will then indicate that deeper medium term weakness would be seen for a new low below 1.2042.
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