EUR/USD Daily Outlook

Daily Pivots: (S1) 0.9538; (P) 0.9624; (R1) 0.9694; More

EUR/USD’s decline is still in progress and intraday bias stays on the downside for the moment. Current down trend should target 161.8% projection of 1.0368 to 0.9863 from 1.0197 at 0.9380 next. On the upside, above 0.9772 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.

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, break of 1.0197 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish even with strong rebound.

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