EUR/USD Daily Analysis
Intraday bias in EUR/USD is mildly on the downside for retesting 0.9863 low first. . Firm break there will resume a larger down trend. On the upside, a sustained trading above 55-day EMA (now at 1.0154) raises the chance of a larger trend reversal and targets 1.0368 resistance.
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.
