EUR/USD’s decline continues today and intraday bias remains on the downside. Next target is 100% projection of 1.1848 to 1.1323 from 1.1710 at 1.1185. Firm break there could prompt downward acceleration to 161.8% projection at 1.0861. On the upside, above 1.3797 minor resistance will turn bias neutral and bring consolidations first.
In the bigger picture, sustained trading below 38.2% retracement of 1.0176 to 1.2081 at 1.1353 will indicate that fall from 1.2081 could be reversing the rise from 1.0176 (2025 low), and probably even that from 0.9534 (2022 low). Deeper fall should then be seen to 61.8% retracement at 1.0904 next. For now, risk will stay on the downside as long as 1.1710 resistance holds, in case of rebound.
