EUR/USD Weekly Outlook
EUR/USD stayed in range last week and the outlook is unchanged. Initial bias remains neutral this week first. Further decline is in favor as long as the 1.0935 resistance holds. On the downside, the break of 1.0756 will resume a larger downtrend to a 100% projection of 1.1494 to 1.0805 from 1.1184 at 1.0495. On the upside, a firm break of 1.0935 resistance will intraday bias back to the upside for 1.1184 structural resistance next.
In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as the 1.1494 resistance holds. A firm break of 1.0635 (2020 low) will raise the chance of long-term downtrend resumption and target a retest on 1.0339 (2017 low) next. Nevertheless, the break of 1.1494 will maintain a medium-term neutral outlook, and extend term range trading first.
