Technical analysts at Gaitame.Com Research Institute Ltd. believe that the single currency may drop to more than a 3-month minimum versus the greenback.

Last week the pair EUR/USD fell to below $1.3363 level representing 38.2% Fibonacci retracement of euro’s growth from $1.1877 on June 7 to $1.4282 on November 4. As the European currency didn’t manage to recover, its advance’s going to be limited with this level to be a resistance.

Yesterday euro slumped below the 200-day MA in the $1.3130 area getting down below the 50% Fibonacci retracement at $1.3080 close to $1.3064. According to the specialists, EUR/USD will keep trading within the downtrend and the bears will aim at $1.2796 (61.8% Fibonacci retracement) and $1.2588 (August 24 minimum). The last time euro’s rate was lower than $1.2588 was on July 13.



Chart. Daily EUR/USD

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