EUR/USD’s decline resumed after a brief recovery and intraday bias is back on the downside. A firm break of a 61.8% projection of 1.1496 to 1.0806 from 1.1184 at 1.0750 will pave the way to a 100% projection at 1.0495. On the upside, the break of 1.0922 resistance is needed to indicate short-term bottoming. Otherwise, the outlook will remain bearish in case of recovery.
In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as the 1.1494 resistance holds. A firm break of 1.0635 (2020 low) will raise the chance of long-term downtrend resumption and target a retest on 1.0339 (2017 low) next. Nevertheless, the break of 1.1494 will maintain a medium-term neutral outlook, and extend term range trading first.
