EUR/USD Weekly Outlook
EUR/USD’s downtrend resumed last week and hit as low as 1.0470. As a temporary low was formed, the initial bias is neutral this week for some consolidations. The upside of recovery should be limited by 1.0756 support turned resistance to bring fall resumption. A break of 1.0470 will target a 161.8% projection of 1.1494 to 1.0805 from 1.1184 at 1.0069.
In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1185 support turned resistance holds. The break of 1.0635 (2020 low) now raises the chance that it’s resuming a long-term downtrend from 1.6039 (2008 high). A retest of 1.0339 (2017 low) low should be seen next. A decisive break there will confirm this bearish case.
