The euro currency is accelerating the pace of declines comparing to the previous few days. On an intraday basis, the euro slipped to a seven session low before recovering slightly.
The declines come as the EURUSD has now breached the rising long term trendline once again.
Still, given the recent rebound after the trendline breach on 5th February, we could see a recovery once again.
Therefore, to the downside, only a confirmed close below 5th February lows of 1.1951 will see further declines coming.
Meanwhile, to the upside, a reversal could see the trendline coming in as resistance or the euro could possibly breakout above the trendline once again.
The long term correction could see the 200-day moving average being tested which currently sites around the 1.1800 region.
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