Technical Analysis

EUR/USD continues to decline to lows last seen in December last year

The euro continues to bleed further against the dollar after the breach of the 1.2000 level. It’s a slippery slope now that we’re below the 1.1900 territory with the next level of support seen at the 25 December low @ 1.1812.

There will be bids expected at 1.1800, but thereafter it’s a march towards the 1.1750 and 1.1730 levels for the next area of support.

The issue for euro bulls is that there are many things working against them at the moment. Weak Eurozone data is one thing, but also the fact that positioning in euro longs remain relatively high despite all that is going on lately.

If that is any signal, there could be further room to the downside for the pair with the key level of interest eyed upon by sellers being the November low @ 1.1554 (yellow dotted line).

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