EUR/USD Daily Analysis
EUR/USD’s decline resumed after a brief recovery and intraday bias is back on the downside. The current downtrend should target a 161.8% projection of 1.0368 to 0.9863 from 1.0197 at 0.9380 next. On the upside, above 0.9700 minor resistance will turn intraday bias neutral again first, and bring consolidations again, before staging another decline.
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 break of 1.0197 resistance is needed to be the first sign of medium-term bottoming. Otherwise, the outlook will stay bearish even with a strong rebound.
