• EUR/USD recovery attempts should be limited by December 30 1.0458 peak

• Overall bias remains on the downside as 14-week momentum remains negative

• A break below which would unmask the 1.0000 psychological level

• We expect spot will head lower to probe the major 1.0196 Fibo

• 1.0196 Fibo is a 61.8% retrace of the 0.9528 to 1.1276 EBS rise

• Our offer remains at 1.0450. But beware of USD's price action

• A sustained break above the 1.0458 would put expected losses on hold

Weekly Chart:

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