Looking at EURUSD’s Chart, we can see the extended downtrend and the weakening of the Euro for the 4th consecutive week, plunging lower and lower with no apparent ability for consolidation or support formation that can set the ground for a bounce. Particularly this past 7 days, the euro depreciated more than 3%, free-falling from the 1.09 range down to the 1.05 level and is currently traded at 1.052.
Today we could expect a pattern continuation and further fall below the 1.05 level.
If however, it manages to hold on to the current range and consolidate then the case can be made for a bounce towards the 1.065 level.
(Click on image to enlarge)
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