EURUSD (1.2260): The euro currency extended declines against the USD yesterday as price was seen falling to a fresh monthly low. The declines come following the doji pattern that was formed. With price closing below the doji’s low, we expect to see further continuation in declines. Support is seen at 1.2091 on the daily chart which could be the first level of support. On the 4-hour chart the declines have invalidated the bullish flag pattern. Any near term retracements could be seen stalling near 1.2336 or up to 1.2398 level. A retest of this level could suggest further declines with the eventual target seen at 1.2090.
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