In the larger picture the single currency established a long-term downtrend versus the greenback since July 2008, where the euro hit its all-time high at USD1.6063. The last bearish trend started in May 2014. Since then we saw the euro decline from USD1.3993, to an intraday low at USD1.2246 on December the 8th. Rebounding from the low the euro managed to break through its steep downtrend resistance line reaching USD1.2569 on December 16th but the euro came under further pressure and is now quoted at 1.2275, just 19 pips from its low. There is a high probability that we see further downside momentum if the December 8th low is broken. The next important support level is at USD1.2042, a low established July 2012, but the euro may rebound from the support line of its latest downtrend around USD1.2180.
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