EUR/USD Daily Analysis
No change in EUR/USD’s outlook and further decline is expected with 1.0189 minor resistance intact. The current downtrend should target a 100% projection of 1.1184 to 1.0348 from 1.0773 at 0.9937. A firm break there could prompt downside acceleration to 161.8% projection at 0.9420. On the upside, the break of 1.0189 minor resistance will turn bias back to the upside for a stronger rebound.
In the bigger picture, the downtrend from 1.6039 (2008 high) is still in progress. The next target is a 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, the outlook will stay bearish as long as the 1.0773 resistance holds, in case of a rebound.
