[m.youssif]

Mid-Day Outlook

As noted before, since EUR/USD is still holding well inside near term rising channel, outlook is not turned bearish yet despite deeper than expected fall from 1.4519. We'll stay neutral first. A break above 1.4364 minor resistance will indicate that pull back from 1.4519 has likely completed and will flip bias back to the upside. Further break of 1.4519 will confirm rally resumption for 161.8% projection of 1.2873 to 1.386 from 1.3427 at 1.5024, which is close to 1.5 psychological level. However, below 1.4157 will bring deeper fall to 55 days EMA instead (now at 1.4015) and below.

In the bigger picture, whole rise from 1.1875 is still in progress and should be targeting 1.5143 resistance and then 100% projection of 1.1875 to 1.418 from 1.2873 at 1.5279. Current development also affirms the case that medium term correction from 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

As noted before, since EUR/USD is still holding well inside near term rising channel, outlook is not turned bearish yet despite deeper than expected fall from 1.4519. We'll stay neutral first. A break above 1.4364 minor resistance will indicate that pull back from 1.4519 has likely completed and will flip bias back to the upside. Further break of 1.4519 will confirm rally resumption for 161.8% projection of 1.2873 to 1.386 from 1.3427 at 1.5024, which is close to 1.5 psychological level. However, below 1.4157 will bring deeper fall to 55 days EMA instead (now at 1.4015) and below.

In the bigger picture, whole rise from 1.1875 is still in progress and should be targeting 1.5143 resistance and then 100% projection of 1.1875 to 1.418 from 1.2873 at 1.5279. Current development also affirms the case that medium term correction from 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.