Another plunge lower to reinforce bear pressures from the the latter February downside range breakout through support at 1.1279/70 for a bearish trend continuation for March.
The break below the January cycle low at 1.1098 places EURUSD at an 11 year low and sees downside risks for this week, for March and into Q2.
Short-term - Downside Risks:
- For mid-March we now see risk back to the psychological and option target at 1.1000.
- For March, the risk is still maybe as low as the September 2003 key swing low at 1.0765.
- Overshoot threat for the month is to 1.0503, the March 2003 swing low.
Longer-term - Downside Risks: As we have stated since last year, for 2015 (H1?), the threat is to PARITY and just below, .9900, the 78.6% retrace of the entire 2000-2008 bull rally.
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Monthly EURUSD Chart
4 Hour EURUSD Chart