EUR/USD dropped to as low as 0.9951 last week as downtrend continued. As a temporary low was formed, ahead of 100% projection of 1.1184 to 1.0348 from 1.0773 at 0.9937, initial bias is neutral this week first. On the upside, break of 1.0121 will turn bias back to the upside for stronger rebound to 1.0348 support turned resistance. Nevertheless, sustained break 0.9937 will extend larger down trend to 161.8% projection at 0.9420.
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.
In the long term picture, long term down trend from 1.6039 (2008 high) resuming. Sustained break of 61.8% projection of 1.3993 to 1.0339 from 1.2348 at 1.0090 will pave the way to 100% projection at 0.8694.
