EUR/USD Daily Outlook

Daily Pivots: (S1) 1.5667; (P) 1.5717; (R1) 1.5804; More
EUR/USD's rise from 1.5302 extends further to a high as 1.5765 and is set to take on falling trend line resistance (now at 1.5775). Further rally is still in favor as long as 1.5626 minor support holds and break of the trend line resistance will encourage stronger rise towards 1.5843 resistance. Nevertheless, note that development so far argues that price actions from 1.6019 are developing into sideway consolidation between 1.5284 and 1.6019 instead of a deep correction, probably in form of a triangle. Having said that, upside could be limited below 1.5843 and bring another fall before completing the consolidation. On the downside, below 1.5626 support will suggest that rise from 1.5302 has completed and will bring retest of this low.
Also, note that price actions would remain choppy until a break of 1.5843 resistance which serves as the first alert of completion of consolidation from 1.6019, or a break of 1.5302 support which revives the case that deeper correction is underway towards 1.4966 medium term cluster support.
In the bigger picture, a medium term top is in place at 1.6019 after meeting 1.6 psychological resistance. Recent development argues that price actions in EUR/USD is probably developing into sideway consolidation between 1.5284 and 1.6019. Nevertheless, decisive break of 1.6019 is needed to confirm the medium term up trend has resumed. Otherwise, further choppy price actions would still be seen before resuming the longer term up trend.
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