• EUR/USD recovery attempts will likely run out of steam

• Fourteen-week momentum remains negative, scope for a bearish resumption

• Only a break and weekly close above the the 1.0541 Fibo would defer

• 1.0541 Fibo, 38.2% of the 1.1214 to 1.0125 (September to February) EBS drop

• We are short at 1.0400 for eventual losses to our 1.0150 target

• EUR/USD Trader . Previous update

Weekly Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)