The euro currency continues its descent, now for the fourth consecutive session. The declines accelerated following two days of subdued price action earlier this week.
The current pace of decline opens the downside target to the 1.1900 level of support. But in the near term, the common currency could reverse losses.
A retest of the 1.2050 level to establish resistance will be ideal.
This will also potentially confirm the downside as the Stochastics oscillator is very oversold under current market conditions.