EUR/USD Mid-Day Outlook – Action Forex

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Daily Pivots: (S1) 1.0810; (P) 1.0843; (R1) 1.0905; More

EUR/USD falls sharply in early US session but stays above 1.0779 temporary low. Intraday bias remains neutral first. On the downside, below 1.0779 will resume the fall from 1.1138. But considering bullish convergence condition in 4H MACD, strong support could be seen from 1.0722 to bring rebound. Nevertheless, decisive break of 1.0722 will argue that whole rise from 1.0447 has completed, and target this low.

In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is seen as the second leg. While further rally could cannot be ruled out, upside should be limited by 1.1274 to bring the third leg of the pattern. Meanwhile, sustained break of 1.0722 support will argue that the third leg has already started for 1.0447 and below.





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