[m.youssif]

Mid-Day Outlook

Intraday bias in EUR/USD remains on the upside and further rise is expected to 1.4281 resistance and then 100% projection of 1.2873 to 1.386 from 1.3427 at 1.4414. On the downside, below 1.4020 will indicate a short term top is formed and deeper pull back would be seen back to 1.3427/3860 support zone instead.

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, note that failure to sustain above the medium term falling trend line, followed by break of 1.3472 support will in turn argue that correction from 1.6039 is not finished and will turn focus back to 1.2873 support instead.

[m.youssif]

Mid-Day Outlook

Intraday bias in EUR/USD remains on the upside and further rise is expected to 1.4281 resistance and then 100% projection of 1.2873 to 1.386 from 1.3427 at 1.4414. On the downside, below 1.4020 will indicate a short term top is formed and deeper pull back would be seen back to 1.3427/3860 support zone instead.

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, note that failure to sustain above the medium term falling trend line, followed by break of 1.3472 support will in turn argue that correction from 1.6039 is not finished and will turn focus back to 1.2873 support instead.