EUR/USD Daily Analysis
No change in EUR/USD’s outlook and intraday bias stays mildly on the downside for retesting the 0.9863 low first. Firm break there will resume larger down trend. On the upside, the break of the 1.0197 resistance will now raise the chance of a larger trend reversal and target the 1.0368 resistance.
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. However, a firm break of 1.0368 will confirm the medium-term bottom at 0.9863 already.
