Daily Pivots: (S1) 0.9960; (P) 1.0013; (R1) 1.0074; More…
EUR/USD continues to lose downside momentum as seen in 4 hour MACD. But further decline is still expected with 1.0121 minor resistance intact. Sustained break of 100% projection of 1.1184 to 1.0348 from 1.0773 at 0.9937 could prompt downside acceleration to 161.8% projection at 0.9420. Nevertheless, break of 1.0121 will indicate short term bottoming, and turn bias back to the upside for rebound, towards 1.0348 support turned resistance.
In the bigger picture, down trend from 1.6039 (2008 high) is still in progress. Next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, outlook will stay bearish as long as 1.0773 resistance holds, in case of rebound.
