EUR/USD Weekly Outlook

[Forex-Outlook]

EUR/USD's rebound was limited at 1.3093 last week and resumed recent decline by taking out 1.2526 and reached as low as 1.2352. Initial bias remains on the downside this week for key support level of 1.2329 first. Break there will target 100% projection of 1.3691 to 1.2526 from 1.3093 at 1.1928 next. On the upside, above 1.2575 minor resistance will indicate that a temporary low is formed and bring recovery towards 4 hours 55 EMA (now at 1.2752).

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