Daily Pivots: (S1) 1.3631; (P) 1.3730; (R1) 1.3879;
Intraday bias in EUR/USD remains on the upside with 1.3711 minor support intact. Current rally from 1.2884 is still expected to continue towards 100% projection of 1.2456 to 1.3737 from 1.2884 at 1.4165 next. On the downside, below 1.3711 will turn intraday outlook neutral and bring consolidation. But pull back should be contained above 1.3423 support and bring rally resumption.
In the bigger picture, recent development suggests that EUR/USD is still bounded in medium term sideway consolidation that started at 1.2329, possibly in form of triangle, with rise from 1.2456 as the third leg. Current rise from 1.2456 might extend further towards trend line resistance at 1.4475 but should be limited below 1.4719 resistance. On the downside, below 1.2423 will now be the first signal that whole rally from 1.2456 has completed and will turn focus back to 1.2884 support for confirmation.
Based on ActionForex.com Technical Outlook
TAGS / EUR/USD
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