EUR/USD Daily Outlook – Action Forex
Each day Pivots: (S1) 1.1298; (P) 1.1349; (R1) 1.1381; More…
EUR/USD’s fall from 1.1572 resumed by breaking by means of 1.1306 assist. Intraday bias is again on the draw back for 100% projection of 1.1572 to 1.1306 from 1.1424 at 1.1158. However draw back needs to be contained by 38.2% retracement of 1.0176 to 1.1572 at 1.1039 to finish the correction. On the upside, break of 1.1424 will carry retest of 1.1572 excessive first.
Within the larger image, rise from 0.9534 long run backside may very well be correcting the multi-decade downtrend or the beginning of a long run up development. In both case, additional rise needs to be seen to 100% projection of 0.9534 to 1.1274 from 1.0176 at 1.1916. This may now stay the favored case so long as 55 W EMA (now at 1.0792) holds.
