I see a bearish EURUSD pattern. It is now set to weaken further towards 1.2330 level. Through this level, the pair will accelerating towards the 1.2134 level, its .50 Ret (its 0.8231-1.6038 high, monthly chart) with price extension aiming at the 1.1827 level, its Mar’06 low and ultimately its Nov’05 low at 1.1640.
but having said that, if any sorts of recovery might happens, then watch out for the 1.2728 level, then the 1.3058/05 level and ultimately the 1.3259/98 level.
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