The single currency is in a long-term downtrend versus the greenback since July 2008, where the euro hit its all-time high at USD1.6063. In the last three months trading became more volatile with stronger pullbacks but with the exception of a false breakout from December 10th to December 17th, with the euro almost reaching intraday a higher high, the currency pair traded within its established corridor. After breaking the low from December 8th we saw further downward momentum and the euro just managed to stabilize above the support of its downtrend around USD 1.2160, trading as low as USD1.2123 today, but without a successful reversal. If the euro fails to gain some ground and rise in today's session we are likely to see a direct sell-off to the next support-level at USD1.2041, a low established in July 2012. If we see a reversal, that technically would be due after the recent sell-off, the next resistance levels are USD1.2220 and USD1.2246 - the low from December 8th - which are both easily within the resistance of its latest downtrend.
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