EUR/USD Outlook for Jan 28

The pair continues to hit new lows, having just dropped below 1.3990 recently.  The outlook continues to be bearish for the EUR overall.

Short term target on the downside, if the pair can once again move below 1.3990 is 1.3940, followed by 1.3920 and 1.3900.  The pair has traded through most of the significant support, and little stands in the way of a move to 1.3800 over the coming days.

Minor resistance comes in just above 1.4050 with more significant resistance at 1.4100-1.4100.  Beyond this 1.4140-1.4150 is a resistance area. 1.4200 is current key resistance for the downtrend.

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Cory Mitchell, CMT

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