One more hour to go before the day's close on FXCM's FX server. The euro
is just below $1.10 right now, which means that we're breaking Friday's lows. I identified a resistance level
at $1.12 this morning (we were at $1.1150 at the time of publishing the idea), and seeing the daily candlestick
now, I have a tendency of thinking that we won't be seeing $1.12 anytime soon. $1.195 and $1.184 are potential bearish
targets if the euro
continues to fall, but we'll have to be careful with the ECB rate statement later in the week. I'm thinking that the week's highs are already in place and that we're going to come out of this congestion area with a new bearish
leg all the way down to $1.05 in the coming weeks.