EUR/USD’s decline prolonged to as little as 1.0487 final week earlier than recovering mildly. Preliminary bias stays impartial this week for some extra consolidations. Whereas stronger rebound can’t be dominated out, close to time period outlook will keep bearish so long as 1.0764 help turned resistance holds. Break of 1.0487 will resume the autumn from 1.1274 to 1.0199 fibonacci degree. Within the larger image, fall from 1.1274 medium time period high might nonetheless be a correction to rise from 0.9534 (2022 low). However likelihood of an entire pattern reversal is rising. In both case, present fall ought to goal 61.8% retracement of 0.9534 to 1.1274 at 1.0199 subsequent. For now, danger will keep on the draw back so long as 55 D EMA (now at 1.0786) holds, in case of rebound. In the long run image, there isn’t a clear signal of pattern reversal but. That’s, down pattern from 1.6039 (2008 excessive) would possibly nonetheless be in progress. Rejection by 55 M EMA (now at 1.1108) will retain long run bearishness, for an additional fall by means of 0.9534 at a later stage. Featured Evaluation
