• EUR/USD bias remains on the downside as 14-week momentum remains negative

• We expect spot will head even 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

• A break below which would unmask the 1.0000 psychological level

• Near-term recovery attempts should be limited by Mon's 1.0458 peak

Weekly Chart:

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