After consolidating within a broad range since March 2015, EUR/USD is now breaching below the lower bound (1.0465) pointing towards possibility of further down move. On
daily chart the pair has moved below a multi month descending channel
(at 1.0465/1.0510). Daily RSI is at a higher level as compared to
November trough however signs of rebound are still awaited.
Descending channel at 1.0465/1.0510 will be an immediate hurdle while 1.0665 should cap near term upside. Very short term, the pair is likely to drift towards next projections at 1.03. In
the event of a break below 1.03, EUR/USD will face an extended
correction towards multiyear down sloping channel limit at 1.0180 and
more importantly 1.00.