[m.youssif]

Mid-Day Outlook

EUR/USD's break of 1.4377 minor support suggests that a short term top is in place at 1.4519. Consolidations should now be seen with risk of pull back to lower channel support (now at 1.4166). But downside should be contained by 1.4020 4247 support zone and bring another rally. Above 1.4519 will resume recent rise to 61.8% projection of 1.2873 to 1.386 from 1.3427 at 1.5024, which is close to 1.5 psychological level.

In the bigger picture, the break of 1.4281 resistance firstly confirms that whole medium term rebound from 1.1875 has resumed. Further rise should now be seen towards 100% projection of 1.1875 to 1.418 from 1.2873 at 1.5279. Also, note that current development also affirms 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. Decisive break of 1.5279 projection target will indicate that rise from 1.1875 is developing into an impulsive wave that should take out 1.6039 high eventually. On the downside, break of 1.3860 support is needed to invalidate this view. Otherwise, outlook will remain bullish.

[m.youssif]

Mid-Day Outlook

EUR/USD's break of 1.4377 minor support suggests that a short term top is in place at 1.4519. Consolidations should now be seen with risk of pull back to lower channel support (now at 1.4166). But downside should be contained by 1.4020 4247 support zone and bring another rally. Above 1.4519 will resume recent rise to 61.8% projection of 1.2873 to 1.386 from 1.3427 at 1.5024, which is close to 1.5 psychological level.

In the bigger picture, the break of 1.4281 resistance firstly confirms that whole medium term rebound from 1.1875 has resumed. Further rise should now be seen towards 100% projection of 1.1875 to 1.418 from 1.2873 at 1.5279. Also, note that current development also affirms 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. Decisive break of 1.5279 projection target will indicate that rise from 1.1875 is developing into an impulsive wave that should take out 1.6039 high eventually. On the downside, break of 1.3860 support is needed to invalidate this view. Otherwise, outlook will remain bullish.