EUR/USD Daily Analysis
EUR/USD is still bounded in sideway trading and intraday bias remains neutral. Further decline is expected with 1.0094 resistance intact. On the downside, the break of 0.9899 will resume a larger downtrend to a 61.8% projection of 1.0773 to 0.9951 from 1.0368 at 0.9860. A firm break there should prompt downside acceleration to a 100% projection at 0.9546. However, a firm break of 1.0094 minor resistance will dampen this bearish view, and turn bias back to the upside for 1.0368 resistance instead.
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 1.0368 resistance holds, in case of a strong rebound.
