EUR/USD Daily Analysis
Range trading continues in EUR/USD and intraday bias remains neutral. A deeper decline is expected with 0.9998 resistance intact. Below 0.9630 will bring a retest of 0.9534 low first. Firm break there will resume a larger downtrend. However, the break of 0.9998 will confirm short-term bottoming and turn the 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 break of 0.9998 resistance is needed to be the first sign of medium-term bottoming. Otherwise, the outlook will stay bearish even with a strong rebound.
