EUR/USD bounced after dipping to 1.1103, leaving the intraday bias neutral. ActionForex's outlook expects a further decline while 1.1269 holds, and sees downside risk in the bigger picture.
EUR/USD recovered quickly after dipping to 1.1103, and the intraday bias remains neutral.
ActionForex expects further decline as long as 1.1269 resistance holds. A firm break of 1.1103/11 would extend the larger fall from 1.2081 to the 1.0904 fibonacci level.
However, a firm break of 1.1269 would indicate short term bottoming. It would also bring a stronger rebound to the 55 D EMA, now at 1.1343.
In the bigger picture, the analysis says 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 be seen next to the 61.8% retracement of 1.0176 to 1.2081 at 1.0904.
For now, risk stays on the downside as long as 1.1710 resistance holds in case of a rebound.
Source: ActionForex
Trading involves risk.
Risk Disclaimer
