EUR/USD Daily Analysis
EUR/USD’s rebound from 0.9863 short-term bottoms is extending today. Intraday bias stays on the upside. Sustained trading above 55-day EMA (now at 1.0169) raises the chance of a larger trend reversal and targets 1.0368 resistance. On the downside, below 1.0031 minor support will turn bias back to the downside for retesting the 0.9863 low.
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, in case of a strong rebound. However, a firm break of 1.0368 will confirm the medium-term bottom at 0.9863 already.
