EUR/USD's intraday bias stays neutral, with further decline expected while 1.1276 resistance holds. A firm break above that level would point to a short-term bottom and a rebound toward the 55 D EMA.
ActionForex says the outlook for EUR/USD has not changed and the intraday bias remains neutral. Further decline is expected as long as 1.1276 resistance holds. A break of 1.1111 would extend the fall from 1.1710 to the 1.0904 fibonacci level.
However, the 4H MACD shows a bullish divergence condition. A firm break of 1.1276 would indicate short-term bottoming and bring a stronger rebound to the 55 D EMA, now at 1.1410.
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. Deeper fall should be seen to the 61.8% retracement of 1.0176 to 1.2081 at 1.0904 next.
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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