The euro currency is posting declines for three consecutive days. Price action is now trading below the 1.2050 level.
This comes even as the Stochastics oscillator is firmly below the oversold level. Price action posted a modest rebound back to the 1.2050 level where resistance has been established.
Given the current pace of declines, we could expect the common currency to fall to the 1.1900 level. The downside bias will only change if price rises above the 1.2050 level.