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Looking at EURUSD Chart, we can see the inability to hold as well as break out from the 1.1250 which led to the retraction to the 1.110 range on the 2nd of March where it attempted to consolidate. Since then, it has been in steady decline, falling lower and lower without having the ability to form a support base. Earlier in today’s session, it fell close to 1.10 where there was a small reaction. It was last found trading around the 1.101 range having the closest overhead resistance of at 1.1125 range.

Today we could expect to see an extension of the short-term trend and a fall below the current level of 1.10.

If however, it does manage to hold above the 1.10 range then a move towards the 1.1125 resistance level can be expected.