The EURUSD is sliding to new session lows and looks toward the next major target at the 61.8% of the move up from the 2012 low at the 1.27865 (see chart below). Bottom side channel trend line is also in the area.
Technical Analysis: EURUSD rotates toward the next target at the 1.27865. Below that 1.2746-57 lows from 2013
Note that for the week, the price has been able to stay in in the “Red Zone” and extend to new 2014 lows. The range for the week is only 97 pips which is still light for a weekly range. So there is room for additional probing to the downside if the sellers can remain in control. Close risk is now the broken trend line at the 1.2816 level currently. Other targets below the 1.27865 come in at the 2013 lows at 1.2757 and 1.2746 (see weekly chart above).
The bears remain in control and have remained in control this week.
Technical Analysis EURUSD extends to new week/year lows
