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EUR/USD Daily Outlook
Daily Pivots: (S1) 1.2157; (P) 1.2189 (R1) 1.2210;
Downside momentum in EUR/USD is not too convincing for the moment. But with 1.2272 minor resistance intact, further fall is expected.
Current decline from 1.3993 should target a test on 1.2042 key support level next. Meanwhile, above 1.2272 will bring strong recovery back towards 1.2569 resistance.
In the bigger picture, overall price actions from 1.6039 long term top is viewed as a corrective pattern. Fall from 1.3993 is tentatively viewed as the third leg of such pattern and should target 1.1875 low and below. On the upside, break of 1.2569 resistance will bring some consolidations first before staging another decline.

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