Daily Pivots: (S1) 0.9669; (P) 0.9702; (R1) 0.9735; More…
EUR/USD continues to lose downside momentum, but further fall is in favor with 0.9816 resistance intact. Deeper decline would be seen to retest 0.9534 low. Firm break there will resume larger down trend for 100% projection of 1.0368 to 0.9534 from 0.9998 at 0.9163. On the upside, above 0.9816 will turn bias back to the upside for 0.9998 resistance instead.
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 0.9998 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish even with strong rebound.
