eurusd fails to maintain rebound 1002102015

EUR/USD (daily chart shown below) has failed thus far to maintain its most recent rebound off the new 11-year low of 1.1100 that was hit in late January.

The rebound pushed the currency pair up from that multi-year low to a high of 1.1533 just last week, before retreating once again.

This latest rebound occurs within a nine-month downtrend that has seen EUR/USD decline by more than 20% from its long-term high just short of 1.4000 in May of 2014 down to the noted 1.1100 low in late January.

The currency pair began to accelerate its decline at the outset of 2015 as it gapped down at the very beginning of the new year and followed through during the course of January by plunging further to the downside.

The bearish trend bias and downside pressure for EUR/USD continue to remain strong. If the currency pair continues its entrenched stair-step descent below 1.1100, the next major support target to the downside resides around the 1.0800 level, last hit in September of 2003.

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