EUR/USD Daily Analysis
Intraday bias in EUR/USD stays neutral at this point. And further decline will remain in favor with 0.9998 resistance intact. On the downside, the break of 0.9630 brings a retest of 0.9534 first. Firm break there will resume a larger down trend. However, the break of 0.9998 resistance will resume the rise from 0.9534 and carry larger bullish implications.
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. However, considering the bullish convergence condition in daily MACD, a firm break of 0.9998 will confirm medium-term bottoming, and bring further rise back to 1.0368 resistance first.
