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EUR/USD - daily market outlook

FX:EURUSD   Euro Fx/U.S. Dollar
Bullish scenario

Euro's sharp rebound from Friday's low of 1.1003 to a high of 1.1126 suggests the pair forming a higher bottoms formation and end to the corrective rally from the high of 1.1186 (July 5 high). This coupled with a day end closing above 1.1092 (200-DMA) would open doors for a re-test of 1.1186-1.12 handle.

Bearish scenario

Pair's retreat from today's high of 1.1126 if followed by a drop below 1.1052 could yield 1.10 handle. A day end closing below 1.10 would suggest the retreat from June 24 high of 1.1428 has resumed.

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