EUR/USD Daily Analysis
Range trading continues in EUR/USD and intraday bias stays neutral. Outlook also remains bearish. On the downside, a firm break of 0.9863 support will resume a larger downtrend. On the upside, the break of the 1.0197 resistance will now raise the chance of a larger trend reversal and target the 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.
