EUR/USD’s rebounded to 1.0944 last week, but was rejected by 55 D EMA (now at 1.0924) and fell sharply since then. The development keeps near term outlook bearish. Immediate focus is now on 1.0764 support this week, firm break there will resume whole decline from 1.1274 to 1.0609/34 cluster support next. Meanwhile, further decline will be in favor as long as 1.0944 resistance holds, in case of recovery.
In the bigger picture, fall from 1.1274 medium term top is seen as a correction to up trend from 0.9534 (2022 low). Deeper decline would be seen to 1.0634 cluster support (38.2% retracement of 0.9534 to 1.1274 at 1.0609). Strong support could be seen there, at least on first attempt, to bring rebound. Yet, medium term outlook will be neutral for now, as long as 1.1274 resistance holds.
In the long term picture, focus stays on 55 M EMA (now at 1.1124). Rejection by this EMA will revive long term bearishness. However, sustained break above here will be affirm the case of long term bullish reversal and target 1.2348 resistance for confirmation.
 and fell sharply since then. The development keeps near term outlook bearish. Immediate focus is now on 1.0764 support this week, firm break there will resume whole decline from 1.1274 to 1.0609/34 cluster support next. Meanwhile, further decline will be in favor as long as 1.0944 resistance holds, in case of recovery.){kind=link}