EUR/USD Daily Analysis
EUR/USD rose to 0.9998 last week but reversed just ahead of parity. The immediate focus stays on 0.9734 minor support this week. A firm break there will argue that a larger downtrend is ready to resume through 0.9534. Next target is 100% projection of 1.0368 to 0.9534 from 0.9998 at 0.9163. For now, risk will stay on the downside as long as the 0.9998 resistance holds, in case of recovery.
In the bigger picture, the down trend 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.
