EUR/USD's intraday bias stays neutral as the pair sits between key Fibonacci retracement levels tied to its fall from 1.2081. A break above 1.1580 would extend the rebound toward the 1.1621 cluster, while a slip below 1.1481 would tilt the bias back to the downside.
EUR/USD's intraday bias remains neutral, according to ActionForex's daily outlook published Aug 12 26 at 09:45 GMT. A break above 1.1580 would extend the rebound from 1.1323 toward the 1.1621 cluster resistance, which marks the 38.2% retracement of the move from 1.2081 to 1.1323 at 1.1613.
A decisive break of that cluster would solidify the case that the fall from 1.2081 completed as a three-wave correction at 1.1323, opening the door to a further rally toward the 61.8% retracement at 1.1791. However, a break of 1.1481 support would dampen that case and turn the bias back toward the downside, targeting 1.1352 support instead.
In the bigger picture, focus stays on the 38.2% retracement of the 1.0176-to-1.2081 range at 1.1353. A decisive break there would revive the case for a medium-term bearish trend reversal following the pair's rejection at the 1.2 key cluster resistance, with further weakness seen toward the 61.8% retracement at 1.0904. Nevertheless, a strong rebound from 1.1353 followed by a break of 1.1621 resistance would keep the medium-term bullish case intact.
Source: ActionForex
Trading involves risk.
Risk Disclaimer
