Looking at the EURUSD weekly chart, we can see the extension of the downward trend as the Euro depreciates even further. On the 17th it managed to form support at 1.13, where it climbed from there reaching the 1.1375 resistance, but failed to hold on above that price range, slipping back down. On the 19th it reached as low as 1.125, had a small rebound but no substantial moves towards reversal. It is currently trading on the 1.127 price range, right above the temporary support level of 1.125 and with 1.1325 as the closest resistance level.
Today we could expect an extension of the downward price action and a fall below the 1.125 support level as negative momentum is back at play.
If however, it does manage to hold its current level then a case for a move towards the 1.1325 closest resistance level can be expected.
(Click on image to enlarge)
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