EUR/USD held in a range above 1.1103 last week, and ActionForex keeps its initial bias neutral for the coming week. The outlet still expects a further fall, with 1.0904 as the next downside target.
EUR/USD stayed in range trading above 1.1103 last week, according to ActionForex. Its weekly outlook calls the initial bias neutral and expects a further fall. A break of 1.1103 would extend the larger fall from 1.2081 to the 1.0904 fibonacci level.
However, ActionForex says a firm break of 1.1272 would indicate short-term bottoming and bring a stronger rebound.
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. ActionForex sees a deeper fall to 1.0904, the 61.8% retracement of 1.0176 to 1.2081 next. For now, risk stays on the downside as long as 1.1710 holds as resistance in case of a rebound.
On the long-term chart, immediate focus is on the 55 M EMA, now at 1.1243. A sustained break there would argue that the rise from 0.9534 completed as a three-wave corrective move at 1.2081, after rejection at the 38.2% retracement of 1.6039 to 0.9534 at 1.2019. That level sits close to the 1.2000 psychological mark, and such a break would keep the long-term down trend from 1.6039, the 2008 high, intact.
Source: ActionForex
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