[m.youssif]

EUR/USD recovers further to as high as 1.4188 so far today but is still limited below 1.4247 resistance. Intraday bias remains neutral and more consolidative trading could still be seen. Below 1.4020 will bring another fall. But outlook remains bullish as long as 1.3751 support holds and further rally is still expected. On the upside, break of 1.4247 will confirm up trend resumption for 1.4281 resistance, which is close to medium term falling trend line (now at 1.4273). Sustained break there will have medium term bullish implication and should pave the way to 1.5143 resistance next.

In the bigger picture, as long as 1.3427 support holds, we'd favor the case that rise from 1.2873 is extending rebound from 1.1875. Also, that would mean that we're favoring the case that medium term correction 1.6039 was completed with three waves down to 1.1875 and the long term up trend might be resuming. Break of 1.4281 resistance will further affirm this case and target 1.5143 resistance and then 1.6039 high. However, break of 1.3472 will leave the whole rise from 1.2873 in three wave corrective structure, which in turn indicate that fall from 1.4281 is not finished and will turn favors back to the bearish case for at least a test on 1.2873 support.

[m.youssif]

EUR/USD recovers further to as high as 1.4188 so far today but is still limited below 1.4247 resistance. Intraday bias remains neutral and more consolidative trading could still be seen. Below 1.4020 will bring another fall. But outlook remains bullish as long as 1.3751 support holds and further rally is still expected. On the upside, break of 1.4247 will confirm up trend resumption for 1.4281 resistance, which is close to medium term falling trend line (now at 1.4273). Sustained break there will have medium term bullish implication and should pave the way to 1.5143 resistance next.

In the bigger picture, as long as 1.3427 support holds, we'd favor the case that rise from 1.2873 is extending rebound from 1.1875. Also, that would mean that we're favoring the case that medium term correction 1.6039 was completed with three waves down to 1.1875 and the long term up trend might be resuming. Break of 1.4281 resistance will further affirm this case and target 1.5143 resistance and then 1.6039 high. However, break of 1.3472 will leave the whole rise from 1.2873 in three wave corrective structure, which in turn indicate that fall from 1.4281 is not finished and will turn favors back to the bearish case for at least a test on 1.2873 support.