EUR/USD has turned lower after breaching 1.1159, and ActionForex's technical outlook points to 1.0861 as the next target. A break of 1.1276 minor resistance would instead signal a short-term bottom.
EUR/USD's intraday bias is back on the downside after a breach of 1.1159. The current fall from 1.1710 should target 1.0861, the 161.8% projection of 1.1848 to 1.1323 from 1.1710, according to ActionForex.
However, a break of 1.1276 minor resistance would indicate short-term bottoming. That would turn the bias back to the upside for a stronger rebound first.
In the bigger picture, the fall from the 1.2081 medium-term top could be reversing the rise from 1.0176, the 2025 low, and probably even the rise from 0.9534, the 2022 low.
A deeper fall should extend to 1.0904, the 61.8% retracement of 1.0176 to 1.2081. For now, risk stays on the downside as long as 1.1710 resistance holds in case of a rebound.
Source: ActionForex
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