EURUSD has broken down the support of 1.2650 that I mentioned in the last post and the downward pressure continues. If this trend continues it is likely that the support of 1.22 on the monthly chart will be broken, which means 2 year lows of the Euro.
That would mean the next support would be at around 1.17 which a 7 year low. I don’t think, however, it will go that far as the focus will likely shift away from Europe eventually and the Euro will have to bounce back.
