Euro takes out another support level. Next stop, 1.05

In Tuesday's session we saw Euro take out the 1.0660 support level it's been flirting with since 11/10 after having broken out of last week's consolidation zone. Today's support breach confirms the downtrend. Besides the psychologically "important" level of 1.0600, it's pretty smooth sailing down to 1.0500. We'll run into a fib extension at 1.0551, where we'll look for a possible bounce to add to the short side.

Prior declines confirm that both the speed and distance of the current decline aren't approaching extreme levels. Moreover, that targeting 1.05 by end of next week isn't pushing it.