We saw yesterday for the first time in weeks the concept of some sort of direction in the euro. The technicals have been gradually deteriorating in the past week and the bears seem to be regaining control once more. The momentum indicators are all turning negative again and the pressure is growing to the downside. The break below $1.1260 was also met with a close below and now the next support does not come in until the low at $1.1098. The intraday hourly chart shows A consistently strong decline during yesterday and whilst there might be a small unwinding of some very near term oversold momentum the outlook is certainly now negative. Look to use any rebound as a chance to sell, with the old support around $1.1260 now becoming the new basis of resistance.

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