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EUR/USD outlook – eyes 38.2% Fibo support

FX:EURUSD   Euro/U.S. Dollar
Euro’s break below 1.13 (rising trend line drawn from March 2015 low-April 2015 low and extended) has added credence to bearish break below critical range of 1.1430-1.1534, courtesy of which the currency could extend losses 1.1236 (38.2% of Mar 2015 low-Aug 2015 high). A violation there would expose 1.12 handle.

On the higher side, resistance at 1.13 needs to be breached following which daily high at 1.1348 could be re-tested.
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