EUR/USD Mid-Day Outlook

17 Sep 2020, 16:30 · Views 528

Daily Pivots: (S1) 1.1824; (P) 1.1862; (R1) 1.1884;

Intraday bias in EUR/USD remains neutral for the moment. Further rise is mildly in favor with 1.1754 support intact. On the upside, break of 1.2011 will resume whole rise form 1.0635. Nevertheless, on the downside, firm break of 1.1754 will turn bias to the downside for 38.2% retracement of 1.0635 to 1.2011 at 1.1485, to correct the rise from 1.6035.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally rise should be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516 ). This will remain the favored case as long as 1.1422 resistance turned support holds.

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Mary Grace

17 Sep 2020

EUR/USD range as shifting from 1.18-1.20 to being 1.17-1.19 following Powell's press conference which will likely mean the USD-negative reflation story is set to pause a bit longer.

John Kicklighter

The FOMC kept rates on hold as expected on Wednesday. On the other hand, US Initial Claims, Philly Fed index, housing data next of note in the docket.

EUR/USD Mid-Day Outlook

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