Euro to continue decline
“The EUR/USD 1.2735 resistance level, or the 1.3095/1.3115 resistance area at the highest, should contain any extension of the corrective recovery initiated at 1.2135 and force EUR/USD to resume its long-term downtrend towards the November 2005 low of 1.1640,” said Vincent Chaigneau at Société Générale in Paris.
Chaigneau said last week’s bounce on the long-term Fibonacci retracement at 1.2135 probably aims to consolidate the down-leg that started at 1.3695 in mid-April.
“We expect the 1.2735
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