EUR/USD Daily Analysis
A temporary low is formed at 1.0396 in EUR/USD and intraday bias is turned neutral first. Risk stays on the downside as long as the 1.0786 resistance holds. Below 1.0396 will target 1.0039 long-term support. Decisive break there will resume larger down trend. The next target is a long-term projection level of 1.0090.
In the bigger picture, the focus stays on 1.0339 long-term support (2017 low). Decisive break there will resume whole down trend from 1.6039 (2008 high). The next target is a 61.8% projection of 1.3993 to 1.0339 from 1.2348 at 1.0090. However, a firm break of 1.0805 support turned resistance will delay this bearish case, and bring a stronger rebound first.
