EUR/USD Mid-Day Outlook

EUR/USD rebounds strongly after drawing support from 4 hour 55 EMA. Intraday bias remains neutral at this point. Also, with 1.1677 minor support intact, further rally is expected. As noted before, corrective fall from 1.2091 has completed at 1.1553 already, ahead of 38.2% retracement of 1.0569 to 1.2091 at 1.1510. Above 1.1860 will turn bias to the upside for retesting 1.2091 high. However, break of 1.1677 will dampen this bullish view and turn focus back to 1.1553 low instead.

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Posted in Forex Market.

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