The Euro Continues to Decline

The single European currency fell significantly against the US dollar within the expected negative outlook, touching the second official station mentioned in the previous analysis at 1.1975, to record its lowest level during early trading for the current session at 1.1950.

Technically speaking, the pair succeeded in confirming the breach of the 1.2000 support level, accompanied by the continuation of the negative pressure coming from the simple moving averages.

This encourages us to keep our negative outlook towards 1.1920, and then 1.1880 Fibonacci retracement of 61.80%, a next official station.

Only from the top, the break to the upside and rebound above 1.2000 might force the pair to re-test 1.2065 before attempting to pull back again.

Note: The US employment data are due today, and may witness heavy price fluctuations.

S1: 1.1920	R1: 1.2030
S2: 1.1875	R2: 1.2105
S3: 1.1800	R3: 1.2145