#EURUSD Daily Outlook
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Technical Analysis of Financial Market, Foreign Exchange analysis, Profesional trader.
3:23 AM
A temporary low is in place at 1.3366 and intraday bias in EUR/USD is turned neutral for the moment. Some consolidations would be seen but upside of recovery should be limited by 1.3486 resistance and bring fall resumption. Below 1.3366 will extend the whole fall from 1.3993 towards 100% projection of 1.3993 to 1.3502 from 1.3700 at 1.3209 next
In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern. One interpretation is that fall from 1.6039 to 1.2329 was the first leg. Price actions from 1.2329 were the second leg, in form of a triangle. In such view, the fifth leg of the triangle pattern could have completed at 1.3993 already. In other words, the decline from 1.3993 is resuming the fall from 1.16039. Medium term outlook will now stay cautiously bearish as long as 1.3700 resistance holds. Break of 1.2755 key support level will raise the chance of an eventual break of 1.1875 low.
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