FUNDAMENTAL ANALYSIS
The euro remains under heavy selling pressure as sovereign risk concerns persists in Europe.
Despite being close to its fair value, any negative data or news are reasons to sell the currency and many banks analysts and economists are looking for the euro to brea below 1.2000 before the end of the year, perhaps even 1.1500.
The announcement of new austerity measures throughout the euro-zone could be a threat to growth, which pushes the recovery to much later.
TECHNICAL ANALYSIS
The 4-hour chart reveals a still healthy downtrend. The price is capped by a down trendline. A new base is building up around 1.2150.
Only a strong breach of the trendline would reverse the bearish momentum. On another hand, a dip below 1.2150 could sent the pair down to the 1.2000 psychological level.
Resistance levels:
- 1.2350
- 1.2450
Support levels:
- 1.2150
- 1.2000
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