EUR/USD is still viewed to be within a corrective phase from the recent 1.2288 low. A break over 1.2748 is required to open up a return towards 1.2900, near the 50% retrace of the 1.3486 – 1.2288 fall.
Our negative bias remains and is driven by the longer-term negative structure present since 1.3486. A sustained break over 1.2900 is required to neutralize the medium-term outlook.
Longer-term an eventual return to 1.2288 and lower is expected which would target the support of a multi-month falling channel somewhere in the region of 1.0800.