This pair is trading into a down trend on Monthly chart, actually the price is moving inside a descending channel. The rate has tested the resistance of this channel twice in this spring but was unable to break above. Moreover the price has began an aggressive downward movement, the outlook remain negative for the Euro, I’m expecting to see new lows further.
This pair is under selling pressure, the price is now below 1.3000, this was a psychological level. As you can see on the Monthly chart we don’t have any recovery signals although the price has reached an important support zone. The rate is also below the 38.2% retracement level, this is another bearish signal. The stochastic indicator is showing a oversold market but until we have other bullish signals this pair will continue to fall.