The common European currency has extended its decline against the US Dollar even more than it as initially expected. Moreover, significant support levels were passed on Friday morning.

Namely, the support levels of the medium and large scale patterns was passed together with the weekly S1 near the 1.1640 mark.

Without this support the rate can fall as low as the 1.1580 level without finding any level of significance to pause the decline. Meanwhile, note that the 1.1580 level is mentioned because that is where a lower trend line of a speculated channel down pattern is located at.

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