EUR/USD Daily Analysis
Intraday bias in EUR/USD stays neutral as consolidation from 0.9899 is extended. The upside of recovery should be limited by 1.0121 minor resistance to bring another fall. A break of 0.9899 will resume a larger downtrend to a 61.8% projection of 1.0773 to 0.9951 from 1.0368 at 0.9860. A firm break there should prompt downside acceleration to 100% projection at 0.9546.
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.
