Forex Flash: EUR/USD targets a drop to the upper 1.24 area - TD Securities (San Francisco) - The Euro is trading quietly between 1.2700 and 1.2725 against the US Dollar after joining a hard battle for the 1.2740, who take the EUR/USD from 1.2790 in the Friday's Asian session to reach 2-month lows at 1.2690 just at the NY opening bell.

Currently the EUR/USD is trading at 1.2715, 0.23% below opening price action, and printing its third weekly loss in a row. The TD Securities' analysts Greg Moore and Shaun Osborne states that the "EUR/USD's technical profile weakens below 1.28."

Osborne and Moore points that they "cann't argue that the EUR is consolidating the July/September rally any more. In fact, this week’s break through support in the low 1.28 area (200-day MA and the September/October range base) argues more strongly and obviously for lower EUR levels."

"The break out from the sideways range trade (a double top) targets a drop to the upper 1.24 area." TD analysts add. "A second weekly close below the 40-day MA supports the negative outlook now."