EUR/USD Daily Analysis
Intraday bias in EUR/USD remains on the downside for retesting the 0.9534 low. Firm break there will resume a larger down trend for a 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 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.
