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EUR/USD Mid-Day Outlook
Written by ActionForex | Oct 27 16 13:51 GMT

Daily Pivots: (S1) 1.0871; (P) 1.0909 (R1) 1.0943; More.....

Intraday bias in EUR/USD remains neutral for consolidation above 1.0850 temporary low. Upside of recovery should be limited by 1.1057 resistance and bring fall resumption. As noted before, rebound from 1.0517 should have completed at 1.1615. Below 1.0821/50 support zone will pave the way for retesting 1.0517 low.

In the bigger picture, overall price actions from 1.6039 long term top is viewed as a corrective pattern with fall from 1.3993 as the third leg. Price actions from 1.0461 are viewed as consolidation pattern to fall from 1.3993. Break of 1.0461 will extend the decline from 1.3993. On the upside, break of 1.2042 support turned resistance is needed to be the first sign of trend reversal. Otherwise, we'll stay bearish and expect a new low below 1.0461 at a later stage.