So, upward structure of the single currency does not exist after yesterday’s events anymore. It’s crashed. Does that means, that decline will be continued? Not necessary. In case of forming of today (watch the black round mark) a new upswing will be triggered (black arrow). If bears pierce the 1.1173 support we’ll get premises for further development of downswing in direction 1.1133 (red arrow).
Local structure has chaotic shape keeping momentum at the same time. However it lacks a completed upswing. In case downtrend is viable we’ll see activity of bears at the round psychological level 1.1200 (watch the red trajectory). Whereas a break above 1.1200 would be a signal of some recovery of the single currency after yesterday’s knockdown.
Main scenario: Continuation of decline after testing of 1.1200. The target is 1.1160-1.1170.
Alternative scenario: Growth above 1.1200 towards 1.1220-1.1240.
Seeking for local signals to both sides in relation to the 1.1200 level.