EUR/USD Daily Outlook

EUR/USD dropped sharply overnight but it’s staying in range of 1.1822/2091 so far. Intraday bias remains neutral first. The development is raising chance of a head and should top reversal pattern (ls: 1.2069, h: 1.2091, rs: 1.2029). Break of 1.1822/1837 support zone should confirm near term reversal. In the case, intraday bias will be turned back to the downside through 1.1661 support. EUR/USD should then correct whole rise from 1.0569 and target 38.2% retracement of 1.0569 to 1.2091 at 1.1510. However, rebound from 1.1822/1837 and break of 1.2029 will resume the larger up trend to next key fibonacci level at 1.2516.

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Posted in Forex Market.

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