Daily Technical Outlook on Major - EUR/USD

EUR/USD - 1.1207.. Euro moved narrowly in subdued Mon session. Price dip- ped to 1.1208 in Asia n staged a recovery to 1.1225 in NY morning b4 edging lower on renewed usd's strength n hit 1.1204 ahead of Asian open today.

On the bigger picture, despite resumption of LT rise fm 2017 near 14- year bottom of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb, 2018, subse- quent selloff to 1.1216 in Nov 2018, then to a near 2-year bottom at 1.1108 in May 2018 suggests said MT fall fm 1.2555 may head to 1.1054 (61.8% proj. of 1.18 15-1.1177 measured fm 1.1448) b4 prospect of a strg correction. Although euro's erratic rise to 1.1412 in Jun suggests temporary low is made, as price has fallen again to 1.1194 in Jul, y'day's break of this sup signals said correction has ended n re-test of 1.1108 would be seen, break would head twd 1.1054. Only abv 1.1412 risks stronger correction twd 1.1570 (Jan high) in Aug.

Today, as Fri's fall fm 1.1281 to 1.1204 suggests recovery fm last Wed's low at 1.1201 has ended there n below said sup would re-test Jul's 1.1194 low, a break there would extend decline fm 1.1412 to 1.1165 but projected sup at 1.1150 should remain intact. Only abv 1.1244 risks stronger gain to 1.1281/85.