EUR/USD Daily Outlook

EUR/USD Daily Outlook
Daily Pivots: (S1) 1.4567; (P) 1.4700; (R1) 1.4780; More
EUR/USD's fall from 1.4951 continues today and extends further to as low as 1.4660 so far. At this point, intraday bias remains on the downside as long as 1.4659 minor resistance holds. As discussed before, sustained break of mentioned 1.4659 cluster support (50% retracement of 1.4365 to 1.4951 at 1.4658) confirms that rise from 1.4365 has completed. Further decline is now expected to be seen to short term rising trend line (now at 1.4399). Above 1.4659 will turn intraday outlook consolidative first.
In the bigger picture, the sharp reversal after failing 1.4966 record high suggest that EUR/USD is still bounded in sideway consolidation that started at 1.4966, probably developing into triangle formation. Having said that, downside of the current fall from 1.4951 should be contained above 1.4365 low and bring another rise to retest the 1.4966 record high and 1.5 psychological resistance, which overlaps 61.8% projection of 0.8223 to 1.3668 from 1.1639 at 1.5004. Though, firm break there is needed to confirm medium term up trend has resumed to next projection target of 100% projection at 1.7048.
However, break of 1.4365 support will open up some bearish scenarios. Fall from 1.4951 could indeed be the third leg of a the consolidation that started at 1.4966 (1.4966 to 1.4309, 1.4309 to 1.4951). Or this could indeed be a triple top formation, with tops at 1.4966, 1.4921 and 1.4951. In either case, deeper decline could then be seen to next medium term support at 1.4014.