No change in EUR/USD’s outlook. Consolidations continue below 1.1710 and intraday bias remains neutral. While deeper retreat cannot be ruled out, downside should be contained by 1.1565 support to bring another rally. On the upside, above 1.1710 will target 61.8% retracement of 1.2081 to 1.1323 at 1.1791 next. Firm break there will bring retest of 1.2081 high.
In the bigger picture, current development argues that fall from 1.2081 was a corrective pattern which has completed at 1.1323, after hitting 38.2% retracement of 1.0176 to 1.2081 at 1.1353. Firm break of 1.2081 will resume whole up trend from 1.1716. This will now remain the favored case as long as 55 D EMA (now at 1.1540) holds, in case of retreat.
SOURCE LINK : https://www.actionforex.com/technical-outlook/eurusd-outlook/652025-eur-usd-daily-outlook-2472/
