EUR/USD Today Forecast

Daily Pivots: (S1) 1.3618; (P) 1.3697; (R1) 1.3756; .

Intraday bias in EUR/USD remains neutral for the moment. Another rise cannot be ruled out as consolidations from 1.3443 extends. But upside is expected to be limited by 1.3852 (38.2% retracement of 1.4578 to 1.3443 at 1.3861) and bring fall resumption. On the downside, below 1.3622 will indicate that EUR/USD's consolidation from 1.3443 has completed already and flip intraday bias to the downside for retesting 1.3435 low. Break will confirm that whole fall from 1.5143 high has resumed and should target 61.8% projection of 1.4578 to 1.3443 from 1.3795 at 1.3094 next.

In the bigger picture, outlook remains unchanged. The three wave rise from 1.2329 is treated as consolidation to fall from 1.6039 only and should have completed at 1.5143 already. Fall from 1.5143 is tentatively treated as resumption of the whole down trend form 1.6039 and should target a new low below 1.2329. Break of 1.4217 support turned resistance is needed to invalidate this bearish view. Otherwise, we'd expect fall 1.5143 to continue even in case of strong rebound.

Based on ActionForex.com Technical Outlook