EUR/USD's break of 1.2295 minor support suggests that recovery from 1.2143 has completed at 1.2671 already. Intraday bias is flipped back to the downside for 1.2143 low first. break will confirm down trend resumption for 1.2 psychological level next. On the upside, above 1.2415 minor resistance will delay the bearish case and bring more consolidations first. But upside should be limited by 38.2% retracement of 1.3691 to 1.2143 at 1.2734 and bring fall resumption.
In the bigger picture, the break of 1.2329 low confirms that whole down trend from 2008 high 1.6039 has resumed. Such down trend should now target 1.1639 key support level and possibly further to 100% projection of 1.6039 to 1.2329 from 1.5143 at 1.1433. On the upside, break of 1.3266 resistance is needed to be the first signal of bottoming. Otherwise, outlook will remain bearish.
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