EUR/USD Mid-Day Outlook – Action Forex
Every day Pivots: (S1) 1.1298; (P) 1.1349; (R1) 1.1381; More…
Intraday bias in EUR/USD stays on the draw back for the second. Correction from 1.1572 is in progress for 100% projection of 1.1572 to 1.1306 from 1.1424 at 1.1158. However draw back must 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 deliver retest of 1.1572 excessive first.
Within the larger image, rise from 0.9534 long run backside could possibly be correcting the multi-decade downtrend or the beginning of a long run up development. In both case, additional rise must be seen to 100% projection of 0.9534 to 1.1274 from 1.0176 at 1.1916. It will now stay the favored case so long as 55 W EMA (now at 1.0792) holds.
