Euro remains on the backfoot

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The euro currency closed out the week on a bearish note. Price action on Friday was to the downside following a brief intraday spell to the upside.

With the resistance level at 1.1261 clearly established, the downside for the euro opens up.

We expect a move towards the 1.1132 level where support is likely to keep the currency from falling further.

However, the longer-term target remains at 1.1100. But this depends on how the currency pair will react near the initial support.

We could expect a rebound off the 1.1132 region. This will potentially see some consolidation taking place.

There is also a possibility for the common currency to rebound back to 1.1261 as well. A strong close below 1.1132 is required to confirm the drop to 1.1000.

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