EUR/USD Daily Analysis
No change in EUR/USD’s outlook and further decline is expected with 1.0078 resistance intact. A decisive break of 61.8% projection of 1.0773 to 0.9951 from 1.0368 at 0.9860 should prompt downside acceleration to 100% projection at 0.9546. On the upside, however, a firm break of 1.0078 will indicate short-term bottoming, 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, even in case of a strong rebound.
