EUR/USD’s down pattern resumed final week and met 100% projection of 1.0368 to 0.9863 from 1.0197 at 0.9692 already. Preliminary bias stays on the draw back this week for 161.8% projection at 0.9380. On the upside, above 0.9806 minor resistance will flip intraday bias impartial and produce consolidations first, earlier than staging one other decline.
Within the greater image, down pattern from 1.6039 (2008 excessive) continues to be in progress. Subsequent goal is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, break of 1.0197 resistance is required to be the primary signal of medium time period bottoming. In any other case, outlook will keep bearish even with robust rebound.
In the long run image, long run down pattern from 1.6039 (2008 excessive) is extending. Subsequent goal is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. This can now stay the favored case so long as 1.0635 assist turned resistance holds.